What are Different Banking Codes in India?

A banking code is an identification code of a bank. It is allocated by the central bank. The major use of it is in money transfer and for message exchanging between banks.

Following are the banking codes used in India.

SWIFT

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It runs a financial messaging network worldwide. Some functions of this network are –

• Exchange of messages between banks and other financial organizations.
• Marketing software and services to financial organizations to use on the SWIFT Network.

IBAN

IBAN is the International Bank Account Number.

• Initially approved by European Committee for banking Standards.
• Afterward agreed internationally under ISO 13616:1997 and now under ISO 13616:2007.
• Accepted globally to recognize a bank account.
• The risk of circulating transcription mistakes is minimized.

IFSC

Indian Financial System Code (IFSC) is an exclusive identification number of every branch of the bank. Even if the branches of the bank are in same city, the code will be unique for each bank.

• The individuality eliminates all the mix-up and confusion.
• It is used in all types of electronic money transfer transactions.