Bank of maharashtra | IFSC code, MICR Code

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bank of maharashtra has branches in 33 States

Bank’s Introduction

The Beginning…

Maharashtra has a long history of commercial activity since ages because of its strategic location in Indian sub continent and its large natural resources.
Maharashtra has been a progressive region and the Banking activity was also started in this region quite early. Historically speaking, the Bank of Bombay established in 1840 was the first Commercial Bank in Maharashtra. However, the first commercial bank set up in Maharashtra outside Mumbai was The Poona Bank established in 1889 at Pune followed by The Deccan Bank in 1890 and the Bombay Banking Company in 1898.
Outbreak of the First World War leading to great depression took a heavy toll on banks in India. Between 1914 and 1935 as many as 380 banks failed in the country out of which 54 were based in Bombay province. The impact of these failures was felt more in Maharashtra region because certain banks known for a long time were also closed down.
The effects of great depression started fading and new enterprises began emerging with new hopes in all spheres of economy, including banking.

Need felt for an Independent Bank for Maharashtra

The Mahratta Chamber of Commerce (MCC) was established in Poona in 1934 and its Founder Secretary Shri A.R.Bhat was a great visionary.
Shri Bhat initiated for a comprehensive review of banking services available in the region through the special issue of Kesari news paper released in memory of Lokmanya Tilak within a few months of establishment of MCC. He ensured that his friend, Shri V. P.Varde, considered as a doyen of co-operative movement, wrote an article on the necessity of a separate bank for Maharashtra, thus launching a public discussion on the subject. While there was no noticeable response to the article of Shri Varde, Shri A R Bhat kept on discussing the subject with leaders in Trade and Industry.
Shri Bhat ensured that Mahratta Chamber and its Directors took up the issue and held a Conference on Business and Industry in Poona on behalf of the MCC in February1935.
"For providing capital to the trade and industry in Maharashtra, it is essential to establish a Joint Stock commercial bank. The Mahratta Chamber is, therefore, requested to make all the necessary enquiries in that behalf and take appropriate steps for floating such a bank. The business community in Maharashtra is urged to support such an effort. "
The Swadeshi movement of the first decade of the 20th Century gave stimulus to the establishment of a number of commercial banks under Indian Management in Maharashtra.
The MCC formed a sub-committee consisting of Sarvashri V.G.Kale, D.K.Sathe, N.G.Pawar, G.D.Apte and A.R.Bhat to work out the details.
The first meeting of the committee was held on 19 May 1935 in the conference room of the Kesari Mahratta office and besides the committee members, prominent personalities from the City like Shri Babasaheb Kamat, the then President of the MCCI, J S.Karandikar, Rajabhau Godbole, Govindrao Pandit, Damuanna Potdar, S.R.Sardesai, Baburao Gokhale, and N.N. Kshirsagar among others participated in deliberations.
Another meeting of the sub committee with wider public representation was followed on 27 May 1935 in the meeting hall of Kesari Mahratta office and decisions on matters like the number of Directors on the Board of the proposed bank (maximum to be 11 members), Amount of each share (to be Rs.50/-) and primary condition for becoming a Director (to hold a minimum of 500 shares) were taken.

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

IFSC Code	MICR Code
Used to facilitate electronic fund transfers between banks and individuals in India.	MICR code is to facilitate and make cheque processing more efficient.
IFSC is an 11 character alphanumeric code.	MICR is a 9-digit code.
The first four characters indicate the name of the bank.	The first three digits represent the city code where the bank branch is located.
Last 6 digits represent the bank branch location.	Last three digits indicate the code of the bank branch.

LOCATE ANY BANK BRANCH IN INDIA

bank of maharashtra has branches in 33 States

The Beginning…

Need felt for an Independent Bank for Maharashtra

List of Bank