IFSC CODE OF BANK OF BARODA MOHALI SAHIBZADA AJIT SINGH NAGAR PUNJAB  IS BARB0DBMHLI 

The IFSC Code of BANK OF BARODA Branch MOHALI City SAHIBZADA AJIT SINGH NAGAR is BARB0DBMHLI.

The Address of BANK OF BARODA Branch MOHALI City SAHIBZADA AJIT SINGH NAGAR is SCF127PHASE 3B2MOHALI MOHALLA SAHIBZADA AJIT SINGH NAGAR PUNJAB 160059 PUNJAB.

Phone Number of BANK OF BARODA Branch MOHALI City SAHIBZADA AJIT SINGH NAGAR is 22 – 1800223344

The Indian Financial System Code (IFSC) is a unique 11-character alphanumeric code assigned by the Reserve Bank of India (RBI) to identify each bank branch participating in the NEFT (National Electronic Funds Transfer) system in India. This code plays a crucial role in the electronic funds transfer ecosystem, ensuring accuracy and efficiency in transactions.
Structure of IFSC Code
The IFSC code is composed of three parts:
Bank Code: The first four characters represent the bank code. This identifies the specific bank to which the branch belongs. For instance, “SBIN” is the bank code for the State Bank of India.
Zero: The fifth character is always a zero. This character is reserved for future use, allowing the code to potentially expand or include additional features without disrupting the current system.
Branch Code: The last six characters represent the branch code. This part of the code identifies the specific branch of the bank. For example, in the IFSC code “SBIN0000300,” the “000300” is the branch code for the Mumbai Fort branch of the State Bank of India.
Example of an IFSC Code
Consider the IFSC code for the State Bank of India’s Mumbai Fort branch: SBIN0000300. Here:
“SBIN” denotes the State Bank of India.
“0” is the reserved character.
“000300” is the unique code for the Mumbai Fort branch.
Usage of IFSC Code
The IFSC code is primarily used to facilitate various types of electronic transactions in India, including NEFT, RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).
NEFT (National Electronic Funds Transfer): NEFT is a nation-wide payment system enabling one-to-one funds transfer. Using NEFT, individuals, firms, and corporates can transfer funds from any bank branch to any individual, firm, or corporate having an account with any other bank branch in the country. The IFSC code ensures that the funds reach the correct branch of the recipient bank.
RTGS (Real Time Gross Settlement): RTGS is another form of electronic payment system where the transfer of money or securities takes place from one bank to another on a “real-time” and on a “gross” basis. This is the fastest possible interbank money transfer facility available through the banking channel in India. The IFSC code plays a vital role in identifying the recipient branch to ensure timely and accurate transfer.
IMPS (Immediate Payment Service): IMPS offers an instant, 24×7, interbank electronic fund transfer service through mobile phones. It is a robust and real-time fund transfer system that allows individuals to send money instantly. The IFSC code is required to identify the correct bank branch of the recipient, ensuring the funds are credited to the right account instantly.
Importance of IFSC Code
The IFSC code is critical for the secure and efficient functioning of electronic payment systems. It reduces errors in fund transfers, ensures that transactions are directed to the correct bank and branch, and speeds up the processing of payments. This unique code also helps in the reconciliation and settlement processes between banks, minimizing disputes and delays in transactions.
How to Find IFSC Code
The IFSC code of a particular bank branch can be found in several ways:
Bank Documents: The IFSC code is usually printed on the cheque books and passbooks provided by the bank.
Bank’s Website: Banks often provide a tool on their websites to find the IFSC code of their branches.
RBI Website: The Reserve Bank of India maintains a list of IFSC codes of all banks on its official website.
Third-Party Financial Websites: Many websites provide IFSC code search tools where users can look up codes by entering the bank and branch details.
Conclusion
The Indian Financial System Code (IFSC) is a fundamental component of India’s electronic payment systems, facilitating efficient and secure transfer of funds. Its structured format, comprising the bank code, a reserved character, and the branch code, ensures that each transaction is accurately directed to the intended bank branch. Whether through NEFT, RTGS, or IMPS, the IFSC code plays a pivotal role in the seamless execution of electronic transactions across the country.