In the context of banking in India, what does 'F' stand for in the abbreviation ‘IFSC’?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Financial.
IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric code uniquely identifying each bank branch in India. This code is crucial for facilitating electronic fund transfers like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service), ensuring that money is accurately and securely routed to the correct beneficiary bank branch.