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SSC GD 2025 PYQ — Question 36

SSC GD Const 2025 (English) - 20 Feb 2025 - Shift 1 • General Awareness • Q36

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The Indian Financial System Code (IFSC) is a/ an __________ character code for identifying the bank and branch in which an account is held.

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Correct answer: C

Explanation

The correct answer is option 3 i.e. Eleven.

  • The Indian Financial System Code (IFSC) is an eleven (11) character alphanumeric code used to uniquely identify a bank branch participating in electronic payment systems like NEFT, RTGS, and IMPS.
  • Structure of IFSC Code:
    • The first 4 characters represent the bank code.
    • The 5th character is always zero (0) – reserved for future use.
    • The last 6 characters represent the branch code.

  • National Electronic Funds Transfer (NEFT) is an online funds transfer system introduced by the Reserve Bank of India (RBI).

  • It enables quick transfer of money between banks across India.

  • A bank branch must be NEFT-enabled for customers to transfer funds to another party.

  • NEFT was started in November 2005 and is maintained by the Institute for Development and Research in Banking Technology (IDRBT).