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
He said industry lobby Indian Banks Association (IBA) has been working closely with market participants to facilitate transition to alternate benchmarks and create consumer awareness.
With the new additions, the total enrolments under the APY have crossed 2.63 crore, said the Pension Fund Regulatory and Development Authority (PFRDA) in the release.
With the new additions, the total enrolments under the APY have crossed 2.63 crore, said the Pension Fund Regulatory and Development Authority (PFRDA) in the release.
In its report titled "The Stress Fractures In Indian Financial Institutions", S&P said with loan repayment moratoriums having ended on August 31, 2020, NPLs in the banking sector will likely shoot up to 10-11 per cent of gross loans in the next 12-18 months, from 8 per cent on June 30, 2020.
Industry watchers said despite the presence of more first-time homebuyers in the market than a year earlier, most large banks grew their books by luring NBFC clients to transfer their existing home loans to them with record low interest rates.
DBS’s India unit will merge with Lakshmi Vilas, unlike in Yes Bank, where the rescue investors simply took financial stakes in the bank and pumped in capital, without actually combining entities and assuming their debt.
Asked why Indian bank stocks are rallying even as bank stocks globally are being battered, Wood said the market here probably has given banks the benefit of doubt.
IBA is coordinating the government’s initiative to provide doorstep banking as a chargeable, outsourced service. This is particularly relevant to senior citizens, who should not be out during Covid.
After three years of intense negotiations, bank employees' unions and IBA, on July 22, had entered into a memorandum of understanding for an annual wage hike of 15 per cent.
