WBCS.LIVE practice question

What is the typical role of an IFSC code in internet banking?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. It identifies an individual’s mobile number.
  2. It verifies the identity of the account holder.
  3. It identifies a specific bank branch for electronic fund transfers.
  4. It is used for email communications between banks.

Correct answer and explanation

Correct answer: It identifies a specific bank branch for electronic fund transfers.