This is the day and age of the internet, the World Wide Web being a ‘know-it-all’ that has made life simpler to an unbelievable degree. Take banking for instance- before the introduction of the concept of online banking, long queues at the bank counter and rapid loss of patience with the slow moving bank procedures was a common pain. Thankfully, Charles Babbage’s invention jumped in for the rescue.
The Case of the IFSC Codes,
Most of what makes online banking a breeze hinges on the idea of IFSC codes. Two of the most monotonous banking related chores, depositing money into an account and maintaining the smooth functioning of the said account (in terms of regular activity) can now be managed with these simple 11 digit alphanumeric codes. A typical IFSC code comprises of the following components- the first 4 characters denoting the specific name of the bank, the fifth character is always a zero (0) and the final six characters denote the code for this specific branch of the bank in question. Take an IFSC code for a digital visiting card- with clear markings and pointers to help a lender reach a borrower’s bank account, through the online media.
Example of the Works,
Let’s take our good friend, Mr. Yoda, who needs some money to plan a heist on the Empire, and he wants you to help. Yoda’s savings bank account is with the Bank of Maharashtra, Mumbai and you are located in Indiranagar, Bangalore. Distances are never a factor when online banking is an option. Simply, utilise your bank’s online banking interface to forward the requisite monies to Yoda, and feed the IFSC Code for Bank of Maharashtra on your system to correctly identify his account. The transfer is instantaneous, safe and immensely under your control.
Without the IFSC code acting as the digital bridge between your account and Yoda’s, it would be next to impossible to correctly zero-in on the accurate account. That would be a kin to searching for a needle in a haystack, whilst blindfolded and wearing mittens. With this handy keyword, and the infinite possibilities of online banking, the Empire is definitely going down!!
So, Is Online Banking a Boon?
Definitely. In a world that is running 24x7, traditional banking has become redundant and obscure. Online banking, with all its charming bells and whistles is the expected next step. Distances have shrunk, human errors have been eliminated and the boring pilgrimages to the banks have been eradicated thanks to this offspring of emerging technologies and modern banking methodologies. What more can you ask for?
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