IFSC stands for Indian Financial System Code . The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralized Funds Management System (CFMS) developed by the Reserve Bank of India use these codes.
The code consists of 11 Characters : (e.g ICIC0000039)

• First 4 characters represent the entity (ICIC0000039 )
• Fifth position has been defaulted with a `0` (Zero) for future use (ICIC0000039)
• Last 6 character denotes the branch identity (ICIC0000039 )