LOCATE ANY BANK BRANCH IN INDIA
In pre-independence era, the youngsters of the Billawa community migrated to Bombay in search of livelihood. Having come from poor backgrounds, these extremely hardworking & highly enterprising individuals worked the whole day at offices or did odd jobs. Unable to afford accommodation, many of them slept at offices in which they worked.
Despite the tough conditions, keeping the guru’s message to be EDUCATED, they went to Night High Schools to gain education. They lived like an enlarged joint family. In adherence to the Guru’s message to BE UNITED… TO BECOME STRONG, they shared their little joys together & celebrated successes. In times of difficulties, they rushed to the aid of their community members. Riding on this bonding, the Billawar association gained momentum & strength.
The committee members of Billawar association had a thought. “While I, as an individual can help the needy with a rupee….. if 100 of us come together with a rupee each, we together can help a needy with Rs.100”
This noble thought sowed the seed for formation of Bharat Bank whereby members who could spare a little from earnings would contribute to the bank & in return earn a little interest as well.
The founding fathers were Visionaries & named the bank as “BHARAT CO-OPERATIVE BANK LTD” with an ambitious intent to spread its wings all over the country. The Logo designed in 1978 with BCB embedded on India’s map showed the intention to serve the entire humanity & not just restrict the reach to a community.
Thus on 21st August 1978 the BHARAT CO-OPERATIVE BANK LTD took birth. Minister of Maharashtra state – Hashu Advani, inaugurated the bank.
This baby in it’s very first year, stood up on its own feet by earning a profit of Rs.2,785 on a business mix of 28.61 lakhs with a share capital of 6.73 lakhs.
The bank grew steadily & had a network of 5 branches in 1991 with a business worth Rs.82 crores. The bank’s entry in to teenage years in 1991 was coupled with the dynamic Mr. Jaya C Suvarna taking charge as the Chairman. So great was the adrenalin rush of the teens that the bank became known as the “FASTEST GROWING CO-OP BANK” the banking industry.
By 1995, bank had 11 branches & was doing a business of 193.63 crores. The Bank shifted its Corporate Office from rental premises to spacious OWNERSHIP building in Goregaon.
1996 saw the bank GRADUATE to SCHEDULED BANK STATUS with RBI incorporating the bank in its second schedule. This was yet another feather in the cap as Bharat Bank was the YOUNGEST BANK to attain “scheduled bank status”.
Having won the hearts of customers in Mumbai & its extended suburbs, the board of directors now set their eyes on other states of the country.
1997 saw the RBI & the Central Registrar conferring the status of a MULTI-STATE CO-OPERATIVE BANK & the bank swiftly entered the state of Karnataka by opening branches in K H Road, Victoria Road & Indira Nagar branch in Bangalore in 1998.
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
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