What is IFSC and its uses?

IFSC Abbreviation:
Indian Financial System Code

STATE BANK OF INDIA GOA VEREM REIS MAGOS VEREM SBIN0005398 ifsc code

is a unique code for each bank branch, which is of eleven(11) digits in length. First 4 digit signifies bank short code and next 7 digit identified as branch code. IFSC a powerful code which is used to transfer/transact money online by national electronic fund transfer (NEFT) or by Real Time Gross Settlement (RTGS) without any hassles and papers. IFSC is mandatory for any of online transactions making india a digitally superpower