https://www.taxtmi.com/news?id=4538 The Committee recommends retaining the IFSC branch identifier because many banks rely on it for validation, reconciliation and failed-transaction handling; IFSC should continue for routing (and any new payment system should use IFSC). It advocates a uniform account numbering standard using IBAN and, after evaluating options, recommends the Longest IBAN (26 characters: country code, check digits, 4-character bank id using existing IFSC bank code, and an 18-digit BBAN allowing existing account numbers to be retained). IBAN and existing numbers should co-exist for about three years while banks implement technical and operational changes. en-us Wed, 16 Jan 2013 18:55:41 +0530 Wed, 11 Feb 2026 15:56:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4538 The Committee recommends retaining the IFSC branch identifier because many banks rely on it for validation, reconciliation and failed-transaction handling; IFSC should continue for routing (and any new payment system should use IFSC). It advocates a uniform account numbering standard using IBAN and, after evaluating options, recommends the Longest IBAN (26 characters: country code, check digits, 4-character bank id using existing IFSC bank code, and an 18-digit BBAN allowing existing account numbers to be retained). IBAN and existing numbers should co-exist for about three years while banks implement technical and operational changes. News - Wed, 16 Jan 2013 18:55:41 +0530 https://www.taxtmi.com/news?id=4538