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The International Financial Services Centres Authority allocates Indian Financial System Codes to Banking Units in consultation with the Reserve Bank of India. Banking Units must submit an application by email and send a physical copy to the Authority for the issuance, deletion, or modification of an Indian Financial System Code. Remitters use the assigned code only for cross border remittances to Banking Units in payment systems where the code is mandatory. Banking Units must not use the code in domestic payment systems and must instruct parent banks not to advertise the code to the public. In the event of a closure, the Banking Unit must apply for the deletion of the code prior to the closure.
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[Image omitted. See the official document.]
IFSCA-FMPP0BR/9/2023/Banking/1
November 28, 2023
To
All Banking Units
Dear Sir/Madam,
Subject: Allocation of Indian Financial System Code (IFSC code) to IBUs
It has been decided, in consultation with the Reserve Bank of India, to allocate IFSC codes to IBUs.
IBUs are required to follow the following procedure for obtaining IFSC code:
The application may be submitted by email to banking-queries@ifsca.gov.in (with the data in Annex 1 included in an excel sheet) followed by physical copy of the same. The application should be accompanied by a covering letter making the request signed by the IBU Head.
Any queries in this regard may be submitted through banking-queries@ifsca.gov.in.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking Regulation and Development
Annex 1
Details required to be submitted along with the application
