......recommended that without disturbing the back end, each bank move to a single universal IFSC that is known to all other banks. This would remove the requirement of identifying the bank and branch through an IFSC. This will make online transfers across banks and branches easier for consumers by just identifying the bank name and account number. “Single IFSC code for fund transfers will take some time to happen as at present, not all branches of banks allow electronic fund transfers. Banks are already working on this,”........
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