The Reserve Bank of India (RBI) utilises the IFSC code for electronic money transfers between banks, as it helps them verify the transfer of resources.

An IFSC code serves as a unique identification code for each bank branch in India. This code comprises 11 characters. The first four characters represent the bank's name, while the last six signify the branch. A fifth character, usually zero, acts as a space between the two. People use this code mainly for electronic money transfers.