The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely. This code is used by electronic payment system applications such as RTGS, and NEFT. It is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
In Indian Bank's 11-digit
IFSC code, the first four letters will be 'IDIB', and the last 6 digits will represent a specific branch code. For example, the
IFSC code of the
Indian Bank branch on 106 & 107 Aurobindo Place, DDA Commercial Complex, Delhi 110016, is IDIB000H019. Here, 00H019 is the branch code.
According to the bank's annual report for the financial year 2016-17, 117 branches and 574 ATMs/BNAs were opened during the year to touch 6037 delivery points, including 2,679 brick and mortar branches and 3,358 ATMs.
RTGS timings Customer Transactions
Week days: 8.00 am to 4.30 pm
Saturdays: 8.00 am to 2 pm
Inter-bank Transactions
Week days: 8.00 am to 7.45 pm
Saturdays: 8.00 am to 3 pm
NEFT timings Only Customer Transactions
Week days: 8.00 am to 7 pm
Saturdays: 8.00 am to 1 pm
"The Reserve Bank of India in exercise of powers conferred under the Banking Regulation Act, 1949, has imposed a penalty aggregating to Rs 2.50 crore on the bank for non-compliance with the directions issued by the RBI in various accounts of Srijan Mahila Vikas Sahyog Samiti Ltd at Bhagalpur Branch," Bank of Baroda said in a regulatory filing.
To begin with, BoB brought the entire set-up under a four-tier structure that it originally had, created more zones and regions, and adopted a unified reporting structure. “This exercise we did in April helped smoothen the other business processes and systems that had to be aligned,” said Roy.
In a meeting of Allahabad Bank and Indian Bank in the city on Wednesday, she told executives, staffs and officers of both the banks that the amalgamation of two banks is aimed at bringing about "scale of operations and qualitative exposure in different areas for employees and improvement in economy and country at large".
