Why is an IFSC code Necessary for Transactions?
If you are a regular online banker, you must be familiar with the fact that a transaction is never complete without an IFSC code. The IFSC code is necessary for all types of online fund transfers. No two banks or the branches of the same bank will have the same code.
The Details Behind an Online Fund Transfer
Be it Nainital Bank IFSC code or the code of any bank; it ensures the transaction is easily tracked. Every fund transfer within the country is controlled by the Reserve Bank of India (RBI). Apart from monitoring the transactions, the RBI also gives a structure for all methods of payments like NEFT and RTGS. This is assisted by the IFSC code. The use of IFSC code Nainital Bank or any other bank helps the RBI track the origin of the fund transfer and the end-point of it. This helps them oversee the process and even track errors that can be eliminated quickly. The IFSC code makes the entire process easier, and with online banking accessible anytime, the IFSC code prevents all kinds of security breaches. However, the characters which make the IFSC code of Kotak Mahindra Bank unique are the last six characters. These are always numbers which denote the branch code. However, if you want to know the code without creating an account, you can do so via the internet. There is an official website of IFSC code where you can know all about this code.