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RBI stands for Reserve Bank of India and is the central policy-making banking institution of India. It was established in 1935 under the British rule and defines monetary policies.

The functions of RBI include storage of foreign reserves, control of inflation, and monetary policy report. The institution plays an integral part in the development of the economy of India.

RBI introduced the electronic fund transfer scheme that allows the electronic transfer of money from one account to the other. The two main services that provide electronic transfer are National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).

RBI has assigned an eleven character long alphanumeric code to each of the banks that indulge in electronic funds transfer. The IFSC code identifies the source and the destination banks in case of electronic transfers.

RBI has self-assigned IFSC codes to its branches as well which help in identification of its particular branch.

The fixed characters of RBI IFSC code are RBIS.