The International Financial Services Centres Authority (IFSCA) on November 28, 2023, issued a notification regarding the allocation of the Indian Financial System Code (IFSC code) to IBUs that has been decided in consultation with the Reserve Bank of India.
The IBUs are required to follow the following procedure for obtaining the IFSC code:
• IBUs shall make an application for issuance/deletion/modification of the IFSC code to IFSCA. The details required to be submitted along with each application are given in Annexure 1.
• IFSCA shall communicate to the IBU whether their application for issuance/deletion/modification has been successful along with the applicable conditions.
• The IFSC code issued to the IBUs shall be used only for the remitters to undertake cross-border remittances to IBUs for mentioning in the relevant field of cross-border payment systems message where the IFSC code is a mandatory requirement.
• The IFSC code issued to the IBUs shall not be used in domestic payment systems. In order to prevent any confusion, IBUs shall inform their parent banks to ensure that these codes are not advertised to the public.
• In case of closure of an IBU, the concerned IBU shall file an application for deletion of IFSC code to IFSCA prior to closure of the IBU.
The application may be submitted by email to [email protected] with the data in Annex 1 included in an Excel sheet followed by a physical copy of the same. The application should be accompanied by a cover letter making the request signed by the IBU Head.
Kindly find the Annexure attached to the document below.
[Notification No. IFSCA-FMPP0BR/9/2023/Banking/1]
