Reserve Bank of India (RBI) is the apex bank of all banks in India. It has allotted 'The Indian Financial System Code' in short denoted as IFSC codes to all the bank branches in India to identify online fund transactions done through a particular branch. IFSC codes are unique 11-digit codes with alphanumeric characters.
RBI also has its own IFSC code to all its 27 branches and four Sub-offices located in States and Union Territories.
For example, we can take the IFSC code: "RBIS0CNPA01" - Reserve Bank of India branch in Chennai, Tamil Nadu.
- Here, the first four alphabets, RBIS, indicate the bank name, i.e., Reserve Bank of India,
- The fifth digit is 0 (zero) - provided for future use.
- The last six digits CNPA01 - denotes a particular branch of Chennai, Tamil Nadu.
This IFSC code can be used for online money transactions via NEFT, RTGS and IMPS to any Reserve Bank of India account or to other bank accounts.
Easy way to find Reserve Bank of India IFSC Code and MICR Code?
The website of Reserve Bank of India offers the entire lists of IFSC codes of its bank branches. The banks which have accounts in RBI make use of the IFSC code to transfer online funds according to the instructions given to them.
Reserve Bank Of India Branch Details
ABOUT RESERVE BANK OF INDIA
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The Reserve Bank of India (RBI) is the central bank of the country. Hilton Young Commission recommended setting up the RBI. The Reserve Bank of India Act, 1934 (II of 1934) provides the statutory basis of the functioning of the bank, which commenced operations on 1 April 1935. The bank, which was originally set up as a shareholder's bank, was nationalised in 1949. At present, RBI has 27 regional offices, most of them are located in State capital cities and has four Sub-offices.
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RBI is constituted to regulate the issue of banknotes, maintain reserves with a view to securing monetary stability and to operate the credit and currency system of the country to its advantage. RBI issues and exchanges or destroys currency and coins not fit for circulation. Its objective is to give the public an adequate quantity of supplies of currency notes and coins and in good quality.
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Under the guidance of the Board for Financial Supervision (BFS), the RBI performs the supervisory function. In November 1994, the board was constituted as a committee of the Central Board of Directors of the RBI under the RBI Regulations, 1994. The primary objective of BFS is to undertake consolidated supervision of the financial sector comprising Scheduled Commercial and Co-operative Banks, All India Financial Institutions, Local Area Banks, Small Finance Banks, Payments Banks, Credit Information Companies, Non-Banking Finance Companies and Primary Dealers.
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The acts administered by RBI are Reserve Bank of India Act, 1934, Public Debt Act, 1944/ Government Securities Act, 2006, Banking Regulation Act, 1949, Foreign Exchange Management Act, 1999, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Chapter II), Credit Information Companies (Regulation) Act, 2005 and so on.
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The main functions of RBI are formulates, implements and monitors the monetary policy, maintaining price stability while keeping in mind the objective of growth. It also maintains public confidence in the system, protects depositors' interest and provides cost-effective banking services to the public. It manages the Foreign Exchange Management Act, 1999 and to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange markets in India and so on.
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RBI functions as a Banker to the Government. It performs merchant banking functions for the central and the state governments; also acts as their banker. Banker to banks, it maintains banking accounts of all scheduled banks. It has six training establishments. As part of the Reserve Bank, it has three namely, RBI Academy, College of Agricultural Banking and Reserve Bank of India Staff College. Others are autonomous, such as, National Institute for Bank Management, Indira Gandhi Institute for Development Research (IGIDR), Institute for Development and Research in Banking Technology (IDRBT).
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RBI's fully owned subsidiaries are Deposit Insurance and Credit Guarantee Corporation of India (DICGC), Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services (IFTAS).
ADDRESS:
Reserve Bank of India
16th floor, Central Office Building
ShahidBhagat Singh Marg
Mumbai - 400 001,
Maharashtra, India.
