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173 List of Indian banks - Public Sector Banks, Nationalized Banks, State Bank Group, Private Sector Banks, Foreign Bank.

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What is IFSC RTGS Transfer?

Internet technology has changed the way banks work and process transactions. Earlier, most banking customers would have to visit the bank branch and get their funds transferred to the bank branch they prefer. However, with the advent of internet things have sped up and most consumers today make use of online transaction services that allow them to transfer funds online. The banking system of India has also seen rapid transformation in the past few decades and has decided to allow consumers to use online bank transfers for personal and business purposes. RTGS transfer has become one of the common ways for people to transfer funds in India.

RTGS is also known as Real Time Gross Settlement and is a payment transfer which is not subjected to any waiting period. RTGS transactions are settled on one to one basis and therefore they are not bundled up with any other transaction. Most RTGS transactions are final and irrevocable and suited for low-volume high-value transactions. Since there are more RTGS transactions happening across India, RBI has decided to make use of the IFSC code also known as Indian Financial System Code that would allow Reserve Bank of India to monitor the amount of transactions and the origin and destination bank branches. This also eliminates the error and confusion and make the entire process faster, smoother and error-free. Banks have been using IFSC RTGS system widely across India and have systems in place that are highly secured and incorporate international best practices and standards to keep check on fraud. This also enhances the overall experience of the banking customers as they can transfer funds online from almost any location to bank branches in India.