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    Question

    What is the primary purpose of the Indian Financial

    System Code (IFSC code) issued to International Banking Units (IBUs) as per the March 2024 IFSCA circular?
    A Domestic transactions within India Correct Answer Incorrect Answer
    B Cross-border remittances Correct Answer Incorrect Answer
    C Real-time gross settlements Correct Answer Incorrect Answer
    D NEFT and RTGS transactions Correct Answer Incorrect Answer
    E Processing foreign direct investments Correct Answer Incorrect Answer

    Solution

    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.

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