Question

What is the primary purpose of the Indian Financial

Q: Answer-What is the primary purpose of the Indian Financial System Code (IFSC code) issued to International...

The IFSC codes mentioned in the circular are to be used exclusively for cross-border remittances to IBUs and must not be used for domestic payment systems like NEFT or RTGS.

System Code (IFSC code) issued to International Banking Units (IBUs) as per the March 2024 IFSCA circular?

A Domestic transactions within India

B Cross-border remittances

C Real-time gross settlements

D NEFT and RTGS transactions

E Processing foreign direct investments

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What is the primary purpose of the Indian Financial

Solution