Reserve Bank of India is the central banking Institution of India that initially started electronic funds transfer system to instantly transfer the money from one account to the beneficiary’s account electronically only.
RBI is basically the connecting medium between the two electronic fund transfer schemes that is NEFT and RTGS where NEFT stands for National Electronic Funds Transfer and RTGS stand for Real Time Gross Settlement. If you want to know the IFSC code of any branch of this bank, you are here at the right place.
Do you have any idea about IFSC Code?
It is an 11-digit alpha-numeric code issued by the bank itself to maintain the unique banking system in India. Every branch of RBI bank or any other bank has unique IFSC code. No two banks or branches can have the same code. So, we can say that this code is compulsory to transfer money electronically.
What do 11-digit alpha-numeric characters mean?
We will show you the meaning of 11-digits by taking an example,
Taking an example of RBIS0NODPS01
- Here, the 4 characters represent the name of the bank that is Reserve Bank of India.
- 5TH digit is a zero (standard for all banks and branches
- The last 6 alpha-numeric characters represent the branch.
NEFT and RTGS are electronically safe and can be used for various purposes like,
- Investing in shares
- Paying insurance premium
- Booking flight tickets
- Booking Railways tickets online
- Investing in mutual funds
- Payment at restaurants.
- Paying EMIs
- Paying Mobile Bills
How to find the IFSC Code of Reserve Bank of India Branches?
Step 1: Visit to the website link findyourbank.in containing detailed information about the IFSC code of branches of different banks of India. This time, we will find out IFSC code of Reserve Bank of India, PAD branch.
Step 2: Once you have logged in to this site, Select Bank Name as “Reserve Bank Of India”, State Name as “Delhi”, District Name as “New Delhi” and the branch as “PAD”.
Step 3: This will display you the details of the IFSC code of Reserve Bank of India, PAD branch.
Hope this information gives clear data about finding IFSC code of any bank branches.