IFSC stands for "INTERNATIONAL FINANCIAL SERVICES CENTERS". An IFSC caters to clients outside the jurisdiction of the domestic economy. These centers deal with financial flows, products and financial services across borders. Examples of global financial centers are London, New York and Singapore. However, Shanghai and Dubai are emerging IFSCs around the world and aspire to play a global role in the coming years. A panel of experts headed by former World Bank economist Percy Mistry presented a report on the creation of Mumbai as an international financial center in the year 2007.
However, the global financial crisis that took place in 2008 led countries to include India Cautious about the rapid opening of its financial sectors.First IFSC was Established in India in the year 2015 and was inaugurated in april i.e.., Gujarat International Finance GIFT City (also called as Tec-City).Major Infrastructures with High Technologies as never before in India.And also International popularity.GIFT will provide as many as 5,00,000 direct and indirect jobs and also absorb 5.76 million square metres of real estate, creating a mini-boom around GIFT city.IFSC is used by RBI to find all bank branches with in the NEFT(National Electronic Funds Transfer) & RTGS systems to route the messages to banks.The IFSC system is only for domestic transactions so every branch of bank in India regardless of whether they are public sector, private sector or foreign banks will have an IFSC code that acts as a unique identifier for the bank branch.