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About Deogiri Bank
The Bank was established on 23rd January 1984. The Bank Operates through its Thirty-One Branches, a state of Art Training Centre, A Modern Data Centre, and Head Office. All the Offices are air-conditioned, well equipped, fully computerized and interconnected. Deogiri Bank is the first bank in Marathwada to opt core banking pattern for its working. The bank is in the process of establishing ATM all over the city to cater to banking services to its customer round the clock.
The concept of Deogiri Bank was originated by Late Pralhadji Abhyankar & the bank came into being under the dynamic leadership of Shri. Haribhau Bagade, Late Shri Jayantrao Choudhari (Dhamangaonkar), Late Shri Chandumal Chotlani, Late Dr. V.G. Gharpure, Shri Sukhdev Nawle, Mrs. Kumud Rangnekar, Shri S.G. Gokhle, Dr. M.U. Deshpande, Shri G.R. Rege took an active part in establishing the bank.
The first branch of the Bank was opened on 23th Jan 1985. At present, the bank has its area of operations in Aurangabad, Jalna, Ahmednagar, Parabhani, Jalgaon District, Pune & Mumbai. The Reserve Bank has opened all Maharashtra as an area of operation for us. The bank is also planning to tie up with state and national players to expand its network.
The Bank has raised paid-up capital of 26.63 Crores, Reserve Fund & Other Fund of 207.77 crores, on 31-Mar-2020. The bank has Deposits of 1119.19 crores & Advances of 645.79 crores. Thus the total Business is of 1764.98 crores.
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