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Capital Small Finance Bank
started operations as India s 1st Small Finance Bank on April 24, 2016 after
conversion from Capital Local Area Bank. Prior to conversion to a Small Finance
Bank, Capital Local Area Bank was operating as India s largest local area bank
since January 14, 2000.
The Bank pioneered in bringing modern banking facilities to the rural areas at low cost. The Bank introduced 7-Day branch banking with extended banking hours since its first day of operations. The focus to serve common man and the local touch advantage has given the Bank a competitive edge over other banks operating in the region. Within a short period, most of the branches become market leaders of their respective centres. The Bank is providing safe, efficient and service oriented repository of savings to the local community while reducing their dependence on moneylenders by making need based credit easily available.
The Bank transitioned from a Local Area Bank to Small Finance Bank with 47 Branches. In a short span, 107 new Branches have become operational, taking the total number of Branches to 155. After establishing a strong footprint in the state of Punjab, the Bank has now started expansion to the states of Delhi, Haryana, Rajasthan along with Union Territory of Chandigarh.
Capital Small Finance Bank has been granted Scheduled Status by the Reserve Bank of India vide Notification dated February 16, 2017.
The total business of the Bank has crossed Rs.7,900 crores with over 6,90,000 accounts. The Bank has 80% of its business in rural and semi urban areas, with priority sector lending of 80.81% of the Adjusted Net Bank Credit as on March 31, 2020. The Bank is extending loans primarily to small borrowers. As on March 31, 2020, 59.46% of the total advances are up to the ticket size of Rs.25 lacs.
Conversion of the Bank to Small Finance Bank has removed the geographical barriers for expansion, resulting in exponential growth of the Bank in all spheres. The business of the Bank is expected to grow to Rs.18,000 crores by March 31, 2023 with 265 number of Branches.
- Uninterrupted & Extended Banking Hours
- Monday to Saturday (10:00 a.m. to 5:00 p.m.)
- 2nd & 4th Saturday Holiday
- State-of-the-art Branch Interiors
- RuPay Debit Card acceptance across 2.49 Lac ATMs, over 50 Lac POS Terminals and on all e-commerce sites
- Internet Banking
- Mobile Banking
- Locker Operation
- All kinds of Loans at competitive Interest Rates
- Pioneer in bringing state-of-the-art banking facilities in rural areas at a low cost
- Promoting Financial Inclusion by providing easy access to masses to banking services to the masses
- Extension of banking services to the unbanked rural villages
- Extended and uninterrupted banking hours
- One-Stop Financial Hub in rural and semi urban areas
- Contribution to economic development and employment generation in the area
- Surpassed National Targets in Priority Sector, Agriculture and Weaker Section Advances
- Average Business per branch of Rs. 48 Crores
- Accredited with ICAI Award for Excellence in Financial Reporting for two consecutive years
- Ranked amongst India s 100 Best Companies to work for 5 consecutive years
- RuPay Debit Card acceptance across 2.40 lac ATMs, over 27 lac POS Terminals and on all e-commerce sites
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