IFSC: The Indian Financial System Code (IFSC) is a unique 11-character code used to identify specific bank branches in India. It is assigned by the Reserve Bank of India and plays a crucial role in electronic payment systems like NEFT, RTGS, and IMPS. The IFSC code helps ensure that funds are transferred accurately between banks by identifying the exact branch involved in the transaction. Each code consists of a combination of letters and numbers, where the first four characters represent the bank name, followed by a zero, and the last six characters denote the specific branch.