s in IFSC Stands for System

Q.  What does the letter 'S' denote in the term IFSC?
- Published on 20 Jul 15

a. Subscriber
b. State
c. System
d. Source
e. Standard

ANSWER: System
 
The Indian Financial System Code (IFSC Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.

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