What is IFSC?

IFSC stands for Indian Financial System Code. The Indian Financial System Code (IFSC) is being used as the addressing code in user-to-user message transmission in the structural financial messaging system (SFMS). These codes are used by the Payment System Applications such as RTGS, CFMS and NEFT developed by the Reserve Bank of India.
The code consists [...]

Internet Banking – How Does It Work?

Internet banking works mostly like traditional banking. The basic difference is that all that you do with your bank account is through a computer – whether you’re accessing your account and information, making payments or reconciling statements. Instead of going to the bank’s nearest branch, you can do all this with a click on your [...]

What is NEFT/RTGS?

National Electronic Fund Transfer (NEFT) is an online system for transferring funds of financial institution, especially for the banks in India. This service is used mainly to transfer funds below Rs 100000.
The instant funds transfer system, known as the Real Time Gross Settlement(RTGS) cannot be used for an amount below Rs. 1 lakh by the [...]

How RBI Controls Other Banks

India’s central bank is the Reserve Bank of India (RBI). Reserve Bank of India monitors, formulates and implements India’s monetary policy. Established in the year 1935, Reserve bank of India was nationalized in the year 1949. Owned fully by the Government of India, Reserve Bank has are 22 regional offices in various state capitals of [...]

What is SWIFT Code?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is needed for interbank wire transfers.

SWIFT was founded in Brussels in 1973. It operates a world wide financial messaging network. It was started to establish common standards for financial transactions and a shared data processing system and worldwide communications network. The messages between banks and [...]

Banks in India

The central and supreme money authority in India is the Reserve Bank of India. All other banks come under its control. The classifications of the banks are shown in the diagram below.

At present in India we have 88 scheduled commercial banks (SCBs) – 28 public sector banks in which the Government of India has a [...]