The transformation from barter system to electronic money transaction hasn’t been a smooth one. It has certainly revolutionized the way people transfer money. To this effect, the Reserve Bank of India (RBI) has introduced three modes of fund transfer. They are National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). Every one of these portals utilize IFSC (Indian Financial system Code) to enable swift and safe transactions from one bank to the other. Serving a multitude of functions, it mainly helps to distinguish the sender and receiver bank in the event of a transaction. And all the banks are allotted an IFSC Code by RBI.
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