Recently I started using netbanking and making online transactions. While making payments you need to add beneficiaries and put in their names, bank names and IFSC codes. I did not know what is an IFSC code.
For those of you who are like me and don't know what it is, here is a short description of it.
Indian Financial System Code (IFSC).
It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI).
Code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.
I got this information from this site: