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Bank’s Introduction
Apna Sahakari Bank Ltd. popularly known as "Apna Bank", was established on the auspicious day of Gudhi Padva on 29th March 1968 . It started its operations from the Apna Bazar, Naigaum, Dadar in Mumbai. The Bank was established at the behest of labour leaders and leading social workers from Naigaum, Dadar, which is a predominantly mill worker s residential locality. The main objective of the Bank was to provide much needed financial assistance to the mill workers at a reasonable interest rate.
Apna Bank earned recognition in a very short span of time and opened its branches in working class residential localities of Mumbai. A major share in the success of Apna Bank, which has been able to attract a large number of customers by providing prompt & efficient banking services with intimacy, over the past 40+ years, goes to Apna Parivar and the devoted employees of the bank. Every customer, account holder and well wisher of Apna Bank is considered as a member of closely knitted "Apna Parivar".
APNA BANK revolutionized co-operative banking sector by starting it’s first ever Night-Bank service at its Naigaon-Dadar branch. The Bank introduced the "Teller Payment System" way back in 1990 considering the prompt customer service and quick cash payments. The Bank introduced "Kumar Bachat Yojana" for school going children to inculcate the habit of savings at an early stage of life and also educate them about banking services.
Due to intense competition in the banking industry, the Bank is continuously upgrading its quality of customer service. Now a days every bank is striving to provide better and hi-tech services to its customers and Apna Bank is no exception to this situation. In order to provide prompt and better customer services, the Bank has computerized all its branches. The Bank has successfully implemented 100% Core Banking Solution (CBS) which has facilitated connecting all its branches and ATMs . This has enabled our customers to withdraw , deposit cash and cheques at any of the Bank’s branches and ATMs without any hassle and at absolutely no cost or charges.
The Bank has set up an State of the Art Technology DATACENTRE covering an area of 850 sq.ft. at its Head Office. It is well equipped with all the requirements of an ideal DATACENTRE.
The Bank has its own modern training centre & library at its Head Office. The Bank’s staff is constantly imparted knowledge of the current affairs in the banking industry.
Besides traditional banking services of accepting deposits & lending money, Bank is also providing Franking Facility . which is beneficial to builders, their customers and general public.
The Bank has entered into an Insurance Business on referral basis with tie-up arrangement with Bajaj Allianz for its general insurance products.
The Bank is providing Forex Services like issuing foreign LCs, LC discounting, packing credit, post shipment credit, issuing demand drafts in foreign currency, issuing foreign currency notes etc, with necessary tie-up with renowned banks.
Bank has been topseeded in the co-operative banking sector for providing high quality services to its customers.
Apna Bank s services were recognized at various levels. Lately our bank was honored with coveted second prize for the Best Co-operative Bank by Brihan Mumbai Co-operative Banks Association for the year 2008, in the previous year the bank has received the First Prize for the Best Co-operative Bank in Mumbai by Greater Mumbai Urban Co-operative Banks’ Association for the year 2006. Earlier, in the year 2002 – 2003, it was awarded Padmabhushan Vasantdada Patil Trophy for Best Urban Co-operative Bank, instituted by the Maharashtra State Co-operative Bank’s Association, in the following year 2003 – 04 it was honored by Maharashtra Kala Niketan with "Maharashtra Gaurav Award".
Apna Bank is a Scheduled Co-operative Bank. The Bank is constantly riding the path of progress.
In recognition of its excellent customer services and overall progress , for the first time in the history of banking, the RBI and Maharashtra State Government have consented merging of Care Co-op. Bank Ltd. in a non Scheduled Co-operative Bank – Apna Sahakari Bank Ltd. It is an achievement for everyone who is associated with APNA BANK. Subsequently the merger of Ashta Urban Co-operative Bank- Sangli resulting in widening its spread in Maharashtra
Apna Sahakari Bank Ltd. is a Bank with intimacy for its customers and account holders. It has always preferred to relations over business during past 42+ years of banking. That is the reason, a customer or member or an account holder, who comes to the ‘Parivar’ becomes ‘Apna’ forever.
What is IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
Magnetic
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The
first three digits of the MICR code represent the city, the next three give the
bank code and the last three digits denote the branch of the bank. Similar to
an IFSC code, every branch of a bank has a specific MICR code. While IFSC is
used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR
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