What is Pincode and How is it designed
The PIN (Postal Index Number code) system was introduced on 15 August 1972 by Shriram Bhikaji Velankar, an additional secretary in the Union Ministry of Communications.
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It is an 11-digit alphanumeric code that is used for NEFT, RTGS, and IMPS fund transfers. IFSC CODE of all banks is assigned by the Reserve Bank of India (RBI). Each code is a unique one and helps in the identification of a specific bank branch.
The PIN (Postal Index Number code) system was introduced on 15 August 1972 by Shriram Bhikaji Velankar, an additional secretary in the Union Ministry of Communications.