IFSCA vide circular dated March 22, 2024 has provided for Issuance of Indian Financial System Code (IFSC code) to IFSC Banking Units (IBUs). IBUs operating in GIFT City International Financial Service Centre have been issued the IFSC code.
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.
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.
