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Established in 1920 as The Catholic Syrian Bank Limited, CSB Bank Limited had its modest beginning in November 1920 and is currently the oldest private sector bank in Kerala, celebrating its Centenary Year in 2020. During this century long period, the Bank has grown from strength to strength, adapting admirably to the far-reaching social, political and economic changes that have taken place during the period. The enterprising spirit inherited from its founding fathers has-been maintained throughout its history, which has blended the tradition of hard work and customer focus in its march to the new Millennium.
It was in the year 1969 that the Bank became a Scheduled Bank, as it was included in the Second Schedule of Reserve Bank of India Act. In 1972 it came out of its traditional bastion and opened its first branch in Chembur, Mumbai. “A Class” Scheduled Bank status was attained by the Banking the year 1975 and it entered the field of International Banking in the same year. Currently the bank has 417 branches (comprising 3 service branches and 3 asset recovery branches) and 310ATMs (including onsite and Offsite) spread across 18 states, 2 union territories. Out of the 432branches (excluding 3 service branches and 3 asset recovery branches). For efficient administration, the Bank has organized all its branches under 9 Zonal offices. The Bank delivers its products and services through multiple delivery channels that include branches, ATMs, internet and mobile banking.
While the Bank has a long operating history as a traditional bank, it is currently focusing on initiatives to transform itself into a full service contemporary bank. Towards this end, the Bank has recently undertaken a number of initiatives to enhance its business focus by upgrading processes, technology and human resources. As part of its transformation, the Bank has organized its operations under focused business areas; re-aligning, training and incentivizing employees; creating new products and services; increasing sales and marketing efforts; investing in technology and strengthening the monitoring and risk management framework.
We have implemented strategic changes in business model as a full service new age private sector bank backed by our globally reputed promoter – FIH Mauritius Investments Ltd, a Company wholly owned by Fairfax India Holdings Corporation( Fairfax India), part of Fairfax Group. To this end, we have re-aligned our organizational set-up for efficiently driving our operations and business strategy, wherein branches will be responsible only for deposits, cross selling, and customer servicing, and all loan products will be driven by dedicated teams, with each business team operating as a profit centre. We have rebranded ourselves in the year 2019 by change of name from The Catholic Syrian Bank Limited to “CSB Bank Limited”, to address region and community related perceptional issues associated with our previous brand name.
The Bank successfully completed its Initial Public Offering (IPO) to the tune of Rs. 409.67 crore which received an overwhelming response from the investors and the issue was subscribed overall by 86.92 times. Subsequently, the Bank’s shares were listed on Indian stock exchanges on December 4, 2019.
CSB was the pioneer in the field of mechanization among banks, a process started in the year1975. Since June, 2009 all our branches have been brought under CBS platform, a softwareProgramme named MAARVEL, developed jointly with a reputed software company. Technologyhas been leveraged for providing banking convenience to customers and all our branches havebeen enabled and included in the RTGS network. As a member of National Financial Switch ofIDRBT our customers can have access of almost all ATMs, all over the country belonging todifferent Banks. SMS and e-mail alerts are available to customers on demand.
Currently we have a client base of more than 1.5 million customers. CASA portfolio constitutes29.17% of our total deposits. With the intention of making the right proposition to the rightcustomer at the right time, tailor made banking products have been designed to cater to thespecific banking needs of various sections of the society. The Bank currently has four principalbusiness areas, namely, (a) SME Banking, (b) Retail Banking, (c) Corporate Banking and (d)Treasury Operations.
Tie up arrangements have been made with reputed companies for providing other financialproducts to our customers. For providing insurance solutions to customers Bank has tied up withEdelweiss Tokio Insurance Company Ltd and ICICI Lombard General Insurance Company Ltd.International money transfer service and wealth management through mutual fund route is alsomade available to customers. The debit cards launched in association with VISA International.
Good corporate governance, regulatory compliance and corporate social responsibility forms an integral part of the banks philosophy. The Bank has total staff strength around 3,204, trained and equipped to render efficient customer service. Our intention is to service the entire financial needs of the customer. We are also expanding our products suite, services and digital banking platform, with investments in technology aimed at improving our customers experience, making it easier for them to interact with us, and offering them a range of products tailored to their financial needs.
"CSB endeavours to be a leading bank striving to excel in bringing products that satisfy the needs of targeted client segments, backed by excellent service – through our branches and technology driven initiatives in a compliant and regulated manner. For our employees, we want to create a culture of pride – driven by performance and productivity that should eventually result in sustainable growth in business and deliver superior returns to our Shareholders."
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