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People can now send funds electronically, purchase goods over the internet and pay using net banking as well as transfer larger sums of money between individuals and companies using National Electronic FundsTransfer (NEFT) and Real Time Gross Settlement (RTGS) settlement systems. All these activities are possible because of the implantation of IFSC codes by the Reserve Bank of India. IFSC codes help online transactions in identifying the sender and recipient bank branch in quick time making sure all online financial transitions are completed easily.