Current Affairs · Banking System
Which of the following statements provides the correct description of the Indian Financial System Code (IFSC)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is a code exclusively used to track international SWIFT bank transfers.
- 2It is an 11-digit alphanumeric code that uniquely identifies bank branches participating in NEFT and RTGS systems.✓
- 3The first four characters always represent the specific bank branch location code.
- 4It is a 9-digit numeric code primarily used for clearing checks in banking transactions.
Correct answer
It is an 11-digit alphanumeric code that uniquely identifies bank branches participating in NEFT and RTGS systems.
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