Indian Financial System Code (IFSC)

• The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. 

• A code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India  - The Real Time Gross Settlement (RTGS) and The National Electronic Fund Transfer (NEFT) systems.

Format

• The IFSC is an 11-character code with the first four alphabetic characters representing the bank name, and the last six characters (usually numeric, but can be alphabetic) representing the branch.

• The fifth character is 0 (zero) and reserved for future use. 

• Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

The IFSC system is only for domestic transactions thus every bank branch in India irrespective of whether they are public sector, private sector or foreign banks will have an IFSC Code that acts as a unique identifier for the bank branch.

In case of overseas remit systems, the international standard continues to be the SWIFT code, which is often not branch specific.

International Bank Account Number integration

• Although the integration may be a complicated technical process for the financial institutions, it is expected that India will integrate the IBAN system by the end of 2016. 

• More detailed description of the IBAN structure for the upcoming integration can be found on each bank's official website.

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CURRENT AFFAIR

75th Golden Globe Awards - 2018

• Formed by a group of writers, Hollywood Foreign Press Association created a generously distributing award called Golden Globe Awards, in 1943.

• These awards are accolades bestowed to those excelling in film and television, both domestic and foreign. 

• It is an annual ceremony at which the awards are presented, making it the major part of the film industry's awards season and playing an important role in marketing.

HERE'S A LIST OF WINNERS 

• Best Motion Picture, drama :- Three Billboards Outside Ebbing, Missouri.

• Best Director, motion picture :- Guillermo del Toro, The Shape of Water.

• Best Performance by an actress in a motion picture, drama :- Frances Mcdormand, Three Billboards Outside Ebbing, Missouri.

• Best Performance by an actor in a motion picture, drama :- Gary Oldman, Darkest Hour.

• Best performance by an actress in a supporting role in any motion picture :- Allison Janney, I, Tonya.

• Best performance by an actor in a supporting role in any motion picture :- Sam Rockwell, Three Billboards Outside Ebbing, Missouri.

• Best Motion Picture, animated :- Coco.

• Best original song, motion picture :- This Is Me - The Greatest Showman.

• Best television series, drama :- The Handmaid's Tale, Hulu.

• Best performance by an actress in a television series, drama :- Elisabeth Moss, The Handmaid's Tale.

• Best performance by an actor in a television series, drama :- Sterling K. Brown, This Is Us.

• Best performance by an actress in a supporting role in a series, limited series or motion picture made for television :- Laura Dern, Big Little Lies.

• Best performance by an actor in a supporting role in a series, limited series or motion picture made for television :- Alexander Skarsgard, Big Little Lies.

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