RBI announces 24/7 RTGS payments and ₹ 5000 limit for Contactless payments

  • Thread starter Thread starter Navjot Singh
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IFSC is still used to identify bank..nothing more.

Eg. You can use any IFSC of any branch of the destination bank...transfer will work...as account is unique within bank.
 
PhonePe does not require you to enter IFSC when doing a transaction - Just bank and account number. So yeah, its pretty obvious that IFSC can be removed from users' purview - and maybe only internally used.
 
IFSC still needed because of it banks can reuse the same a/c no for different banks or different branches in same bank itself
 
Why not have standardised QR code..... which contains all details and netbanking apps should be able to scan QR code as in wallet apps. This would make IMPS very useful.
 
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When you choose a bank, PhonePe probably selects the main branch IFSC in the bank end - but to the user its much easier as they need only bank + a/c which everyone should be able to provide/have.
 
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