Nowadays, transferring funds takes only a couple of hours, even between different banks. Gone are the days when it would take up to a week to get a cheque cleared. This has been possible solely through the use of electronic and computer technology in the banking system. The two of the most popular electronic codes used by a bank are the MICR and IFSC code.
The IFSC Code:
The IFSC or Indian Financial System Code is a code which identifies the branch of a bank participating in the two primary kinds of electronic funds transfer system: the RTGS or Real Time Gross Settlement and the NEFT or National Electronic Funds Transfer system.
