The International Financial Service Centre Authority has issued Circular No. IFSCA-FMPP0BR/9/2023/Banking/2, detailing the allocation of Indian Financial System Codes (IFSC codes) to IFSC Banking Units (IBUs). This communication addresses the necessity and usage of IFSC codes by financial institutions operating within the GIFT City International Financial Service Centre.
International Financial Service Centre
Circulars No. IFSCA-FMPP0BR/9/2023/Banking/2 Dated: March 22, 2024
To
All Financial Institutions in IFSC
Dear Sir/Madam,
Subject: Issuance of Indian Financial System Code (IFSC code) to IFSC Banking Units (IBUs).
1. Please refer to the circular entitled ‘Allocation of Indian Financial System Code (IFSC code) to IBUs’ dated November 28, 2023 issued by the Authority.
2. As on date, 19 IBUs operating in GIFT City International Financial Service Centre have been issued the IFSC code. The names of the IBUs and the IFSC codes allotted to them are as follows:
| Sr. No. |
IBU Name | IFSC code Issued |
| 1. | Bank of India | GIFT0BKID01 |
| 2. | Citibank, N.A. | GIFT0CITI01 |
| 3. | Deutsche Bank | GIFT0DEUT01 |
| 4. | Kotak Mahindra Bank Limited | GIFT0KKBK01 |
| 5. | State Bank of India | GIFT0SBIN01 |
| 6. | RBL Bank Limited | GIFT0RATN01 |
| 7. | Standard Chartered Bank | GIFT0SCBL01 |
| 8. | Bank of Baroda | GIFT0BARB01 |
| 9. | HDFC Bank | GIFT0HDFC01 |
| 10. | Canara Bank | GIFT0CNRB01 |
| 11. | Federal Bank Limited | GIFT0FDRL01 |
| 12. | The Hongkong and Shanghai Banking Corporation Limited, HK | GIFT0HSBC01 |
| 13. | ICICI Bank Limited | GIFT0ICIC01 |
| 14. | IDBI Bank Limited | GIFT0IBKL01 |
| 15. | IndusInd Bank Limited | GIFT0INDB01 |
| 16. | J.P. Morgan Chase Bank, N.A. | GIFT0CHAS01 |
| 17. | MUFG Bank, Ltd. | GIFT0BOTM01 |
| 18. | Punjab National Bank | GIFT0PUNB01 |
| 19. | YES Bank Limited | GIFT0YESB01 |
3. The abovementioned IFSC codes are to be used for only by the remitters to undertake cross border remittance to IBUs for mentioning in the relevant field of cross border payment systems messages where quoting of IFSC code of the destination branch in India is a mandatory requirement. The above mentioned IFSC codes shall not be used for initiating payments using any of the domestic payment systems like NEFT, RTGS etc.
4. Financial Institutions in IFSC are requested to host this information, as updated from time to time, on their IFSC webpages and appraise their customers about the above. Bank IT system databases and applications may also be updated accordingly. The list shall also be hosted on the website of the Authority and updated from time to time as and when IFSC code is allotted to other IBUs.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking
