Issuance of Indian Financial System Code (IFSC code) to IFSC Banking Units (IBUs)

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IFSCA-FMPP0BR/9/2023/Banking/2 March 22, 2024 To All Financial Institutions in IFSC Dear Sir/Madam, Subject: Issuance of Indian Financial System Code (IFSC code) to IFSC Banking Units (IBUs). 1. Please refer to the circular entitled ‘Allocation of Indian Financial System Code (IFSC code) to IBUs’ dated November 28, 2023 issued by the Authority. 2. As on date, 19 IBUs operating in GIFT City International Financial Service Centre have been issued the IFSC code. The names of the IBUs and the IFSC codes allotted to them are as follows: Sr. No. IBU Name IFSC code Issued 1. Bank of India GIFT0BKID01 2. Citibank, N.A. GIFT0CITI01 3. Deutsche Bank GIFT0DEUT01 4. Kotak Mahindra Bank Limited GIFT0KKBK01 5. State Bank of India GIFT0SBIN01 6. RBL Bank Limited GIFT0RATN01 7. Standard Chartered Bank GIFT0SCBL01 8. Bank of Baroda GIFT0BARB01 9. HDFC Bank GIFT0HDFC01 10. Canara Bank GIFT0CNRB01 11. Federal Bank Limited GIFT0FDRL01 12. The Hongkong and Shanghai Banking Corporation Limited, HK GIFT0HSBC01 13. ICICI Bank Limited GIFT0ICIC01 14. IDBI Bank Limited GIFT0IBKL01 15. IndusInd Bank Limited GIFT0INDB01 16. J.P. Morgan Chase Bank, N.A. GIFT0CHAS01 17. MUFG Bank, Ltd. GIFT0BOTM01 18. Punjab National Bank GIFT0PUNB01 19. YES Bank Limited GIFT0YESB01 3. The abovementioned IFSC codes are to be used for only by the remitters to undertake cross border remittance to IBUs for mentioning in the relevant field of cross border payment systems messages where quoting of IFSC code of the destination branch in India is a mandatory requirement. The above mentioned IFSC codes shall not be used for initiating payments using any of the domestic payment systems like NEFT, RTGS etc. 4. Financial Institutions in IFSC are requested to host this information, as updated from time to time, on their IFSC webpages and appraise their customers about the above. Bank IT system databases and applications may also be updated accordingly. The list shall also be hosted on the website of the Authority and updated from time to time as and when IFSC code is allotted to other IBUs. Yours faithfully (Supriyo Bhattacharjee) Chief General Manager Department of Banking