IFSC 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.
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.
IFSC Full Form – Additional Information
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.