IFSC Code Full Form Name: IFSC Meaning
Full
Form of IFSC Code:
Indian
Financial System Code
IFSC
Code Full Form is Indian Financial System Code.
IFSC is a code allocated by the Reserve Bank of India or RBI in order to
provide unique identification for every bank in India. It normally has 11
characters and applies to banks that belong to the NEFT system. This code is
mainly used for various types of transactions such as NEFT, RTGS, and CFMS.
The
initial 4 characters or the first part of the IFSC code represents the Bank.
The 5th character, which is normally a zero, is kept for future use.
The last 6 characters refer to the particular bank code. This code is supposed
to be printed in the cheque books of the banks. However, one can easily
identify the IFSC code by typing the name of the bank and the location in any
of the search engines that are relevant.
IFSC
Full Form – Additional Information
In
this ever growing modern world, there is no scope for waiting for a thing to
happen. With the help of computer technology, things can be processed at a
faster speed. Money is most valued for survival today and it is also essential
to facilitate quick business transactions. To be in tune with the changing
times, banks have also adopted some modern techniques.
What
is IFSC?
As
stated earlier, the need of the time is faster processing of funds, etc. Thus,
according to modern banking methods, it is possible to transfer funds from an
account of one person to his other account in other bank or in the account of a
third party. To channelize this process there are few essentials that need to
be taken care of before the transfer is materialized. Indian Financial System
Code or IFSC is a bank recognition code to note the source (bank branch) where
the money has to be transferred.
Each
bank has many branches and to identify a particular branch this system of IFSC
was devised. It is a unique 11 digit character code where the first 4
characters are alphabets that denote the name of the bank or the bank code. The
fifth digit is 0 and the remaining 6 digits are the branch code. For example,
the IFSC code of Pune City branch of State Bank of India would read thus –
SBIN0000455. Here SBIN is bank code, State Bank of India. The fifth digit is 0
(Zero) and 000455 is the Branch Code for Pune City branch. This makes it
simpler to transfer funds online to that branch.
What
is the importance of IFSC code?
Online
fund transfers are common in today’s times. It allows the money to be wire
transferred within no time from one account to another and thus helps in
payment method where large sums need to be transferred urgently. Electronic
transfers are usually done in two ways RTGS and NEFT. The third method of IMPS
is also followed occasionally. RTGS stands for Real Time Gross Settlement and
NEFT means National Electronic Fund Transfer. IMPS means Immediate Payment
Service that is mostly applicable to mobile banking transfer.
Transfer
of funds through an electronic medium is a faster option. IFSC ensures that the
funds are channelized to the desired branch of the receiving party and that the
account number is also valid in that branch. IFSC can be found printed on
cheque leaves as well as entered in the details in the pass book. When
you wish to transfer money to your own account in other bank or make a payment
to a third party, you need to furnish the details to the bank before the
transfer can take place. The information includes the name of the beneficiary,
name of the bank where the funds have to be transferred, the name of the branch
and the IFSC code for easy verification and finally the fund limit desirable
for transfer sanction.
How
is IFSC used?
Indian
Financial System Code enables us to identify the bank branch where the money is
being sent. It is essential for participating in any online fund transfers.
With the countless number of branches of each bank all over the country, it is
difficult to ascertain where you wish to send the money. Therefore, it is
imperative that you know the account number of the beneficiary (Savings or
Current A/C) and most importantly, the name of the branch where the beneficiary
holds his/her account.
By
using the IFSC in the transaction details, you clearly inform the paying bank
where the funds should be sent and to which account. After the branch and the
account number is tallied the transfer process can be completed. Since each
branch of every bank has a unique code, there can be no confusion in
identification.
This
code is important to track in future the various money transfer transactions
that you have performed through the year, since in the bank book also the entry
is made using the code.
IFSC
– Simplifying the Life
In
these days of online frauds and phishing, it is a secure way to transfer money
by giving perfect details of the destination bank. Electronic transfers of
funds have been made available in order to ease a person’s banking activities.
Gone are the days of challans, waiting in the queue for a cheque to be realized
if it is bearer cheque or waiting for 2-3 days for fund transfer after
depositing third party cheque in the bank account. With quick methods like RTGS
and NEFT life has become very simple.
For
all of the three transfer methods – RTGS, NEFT, and IMPS, it is mandatory to
quote the IFSC number in the transaction request. RTGS and NEFT can have a
capping on the money limit to be transferred in a single transaction and it has
a specific time to conduct the process. But IMPS is available 24×7 and without
any limit. Thus, currently in need of absolute emergency, many people prefer
this method to get the money. IFSC code is given in passbook as well as every
cheque leaf. But in case you need to find the IFSC of a branch where you wish
to send money, all that you have to do is fill the bank name and branch along
with the city / district location in online site of IFSC finder and you get
instant access to the code.
Processing
the transaction
Once
the paying bank is given the details of the receiver with regards to the bank,
branch and account number, it becomes easy to trace the receiving bank. Whether
it is an intra-bank transaction or inter-bank transaction, since money is
involved it is always better to play safe and leave nothing to chance. With
detailed instruction, there are no chances of the transaction going wrong and
you having to worry about funds.
Nonetheless,
even if you happen to give a wrong IFSC number, the remitting bank verifies the
credentials and if there is any discrepancy found in the branch and account
number submitted, the funds are sent back to your account. So in a way even if
you do not lose your money, you lose precious time and may be missing out on
the purpose of urgent cash payment. So before you embark on the mission of
transferring funds through an electronic medium, make sure that you have all
the valid data in place. This will save your time, effort and give you peace of
mind.
IFSC
Full Form: International Financial Services Commission
Full
Form of IFSC refers to International
Financial Services Commission. The International Financial Services
Commission, also known by its abbreviated form IFSC, is a governmental agency
of Belize, which is a country located in Central America. It is an agency
primarily responsible for regulation of finances.
It
undertakes governance of financial matters pertaining to all market parties,
exchanges, and oversees enforcement of financial regulation. The relevance of
the IFSC is important as the majority of trading brokers operating online
obtain their licenses from IFSC. The current chairman of the commission is
Joseph Waight and the Chief Executive officer is Glenford Ysaguirre.
Before
we go through the responsibilities IFSC discharges, it would be appropriate to
begin with the history behind the establishment of the institution, which has
now attained international relevance. IFSC was founded in the year 1999.
Exercising international jurisdiction, the commission was founded with the
purpose of acting as a statutory framework for licensing and also, for
regulation and supervision of international market.
The
commission functions under the aegis of the Ministry of Belize Securities and
International Financial Services Commission Act. It has to discharge its
functions by observing a prescribed special protocol. Many international broker
companies like MF Broker are regulated by the IFSC.
Now
that we have explored a bit of history behind the IFSC, let us acquaint
ourselves with certain responsibilities the commission is shouldered with. Some
of the responsibilities the commission has to discharge are as follows:
- The commission is aimed at the
promotion and enhancement of the country Belize as an international
financial hub.
- To regulate and supervise
international market services.
- To act as a supervisory and
regulatory body for Licensed Investment Services Companies, investment
consultants, and other companies engaged in mutual fund management.
- To grant investment firms
licenses to carry out their operations.
- One of the main tasks of the
IFSC is to act as an enforcement mechanism. It is empowered to enforce
disciplinary and administrative actions against defaulters like brokers,
investment firms, and other licenses groups or companies. All the actions
taken against defaulters must be in coherence with the provisions entailed
in the governing law.
Full
Form of IFSC: International Federation of Sport Climbing
IFSC
Full Form refers to International
Federation of Sport Climbing. The International Federation of Sport
Climbing, also known by its popular abbreviated form IFSC, is the major
international body that acts as a governing framework for the competitive
climbing sports. Within this segment of competitive climbing, lead climbing,
bouldering, etc are also included. This governing body was established on
January 27, 2007, in Frankfurt.
Originally,
the federation started with only 48 federations as its members. It is important
to note that the IFSC has succeeded the former International Council for
Competition Climbing, which was functional from the year 1997 to the year 2007.
The Council was also a part of the Union Internationale des Associations d’Alpinisme,
also known as UlAA). The current President of the IFSC is Marco Maria Scolaris.
Currently, its headquarters are located in Turin, Italy.
Before
we dwell on the different categories of championships and tournaments organized
by the IFSC, a brief introduction to the sport of competitive climbing will be
good for proper understanding. A climbing competition is a game generally
played indoors on artificially built climbing walls.
The
sport can be classified into three kinds: lead climbing, speed climbing, and
bouldering. In the year 2013, the sport of competitive climbing was counted as
a possible entry in Olympics but eventually lost. The IFSC organizes many
competitions and tournaments, which are conducted at both domestic and
international level. Some of the competitions it organizes are as follows:
- The World Championship, which
is a biannual competition that declares the male and female world
champions in all three categories of climbing sport.
- The IFSC Climbing World Cup is
another international competition, which is conducted every year and in
which the participating sportspersons compete in all three kinds of
climbing sport. The venue and the number of competitions in the world cup
change every year.
- Another championship it
organizes is the European Championship that is held biennially whenever
the World championships are not organized. The championship declares
European champions, both male, and female, in different categories of the
sport.
- The World Youth Championship is
a championship organized specially for the youth athletes and it is
organized every year.
IFSC
Full Form: International Financial Services Centre
Full
Form of IFSC stands for International
Financial Services Centre. The International Financial Services Centre,
also known by its popular abbreviated form IFSC, refers to one of the main
financial service hubs, that is known for many controversies it has been mired
with. Situated in North Wall, Dublin in Ireland, the center is condemned for
acting as a tax haven. The IFSC was the idea of Dermot Desmond, who is a tax
exile (that is he left the country in order to avoid high tax regimes) and one
of the richest persons in the world. His NCB had provided financial help to
Price Waterhouse to conduct a study to determine whether the idea of IFSC can
be successfully materialized. Dermot Desmond, with the help of Charles Haughey,
created a detailed manifesto with this regard. When Charles Haughey came into
political power, the Finance Act 1987 provided for the allocation of the area,
which could not be normally taxed.
Currently,
the IFSC includes the area in and around Memorial Road, Amiens Street, the
River Liffey, Lower Sheriff Street, etc. The main development zone within the
IFSC is situated in the western region of Commons Street and eastern area is
the second zone of the IFSC. These development zones offer facilities relating
to accommodation, residence, food courts, shopping avenues, etc. With time, the
zones have expanded and become bigger. Moreover, the IFSC even provides space
for financial institutions, which are staffed with experienced taxation and
legal advisors. The first bank that the IFSC housed was Allied Irish Bank.
Apart from financial institutions, there is the National College of Ireland.
The
expanse of the IFSC is international, with about 500 financial institutions
that are permitted to trade with the IFSC. As far as international banks are
concerned, it claims to house banks like Citibank, Sumitomo, Commerzbank, SIG,
etc. The IFSC is an ideal facility for such institutions because of the Double
Irish Arrangement, which is a terminology referring to a strategy pertaining to
tax avoidance that lowers tax liability. A major setback occurred when the
Irish financial crisis forced many financial institutions to relocate and this resulted
in slumping global rankings of Ireland as an international financial hub.
Full
Form of IFSC: International Food Science Centre
IFSC
Full Form stands for International Food
Science Centre. The International Food Science Centre, also known as the IFSC,
was founded by Prof. Dr. Vijay K.S. Shukla. Prof. Vikay Shukla is a renowned
Indian-Danish food researcher, who is engaged in lipidology. His experience in
the research activities in the area of lipids account for more three decades
and this has made him an international figure in the scientific community.
The
center is engaged in supply for natural ingredients to food industries. It
makes use of advanced technological equipment incorporating in principles of
the green technology. This way the IFSC is able to contribute to the
sustainable development of food industry, without much pressure upon the
environment.
The
IFSC is engaged in the production of other food ingredients and products like
chocolate and confectionery fats. Some of the chocolate and confectionery fats
it produces are Cocoa Butter Equivalents (CBE), Cocoa Butter Substitutes (CBS),
Ice Cream Fats, Palm Kernel Oil, Rapeseed Oil, Creamed Coconut, Cocoa Powder,
Soybean Oil, and Danfry Supreme, etc.
The
IFSC has implemented Internal Stabilization technique that is capable of
stabilizing oils and butter. The technique achieves such result by increasing
the retention of antioxidants that are naturally present in oils and butter. It
creates moderate conditions in which the oils and butter are processed,
preventing degradation of oxidative when the oils and butter are being
produced. The entire process is a strictly controlled process from the very
beginning.
This
process helps in reducing the damage from heat to oils and butter during the
refinement process. The contribution of the center has been immense in the
development of the food industry by providing high-quality food ingredients
produced using green technologies.
IFSC
Full Form: International Fire Safety Consulting
Full
Form of IFSC stands for International Fire
Safety Consulting. International Fire Safety Consulting, also known as the
IFSC, is a firm that engages in engineering and consulting services,
particularly in the areas concerning life safety and fire protection services.
However, the IFSC does not undertake equipment manufacturers or selling of
products, installation and maintenance of fire security systems. Thus, the IFSC
indulges only in cost-effective maintenance help to clients.
For
many years, the IFSC has grown into one of the most popular and recognized
experts in the development and maintenance of fire security systems. Because of
its immense experience, the consulting firm has become one of the most credible
fire safety consultancy firms.
The
constituting members of the IFSC generally possess well-recognized
qualifications. Many have a membership to the Society of Fire Protection
Engineers (SFPE). There are members who are Certified Fire protection
Specialists (CFPS) from the National Fire Protection Association (NFPA). To add
more to the qualifications, many constituting members are members of the board
in Latin department of the National Fire Protection Association.