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Bank was established under the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973 by Late.Solicitor Shri. G.S.Shelke and his colleagues
The new name came “The Mahanagar Co-operative Bank Ltd.” into force with effect from 21st January, 1998.
Secured ‘A’ grade classification from Reserve Bank of India on 30th January 1998
Bank has a total of 67 Branches and nonstop 12 hours service in 5 Branches and 52 ATM machines.
Area of operation covers the all over Maharashtra
Fastest growing Bank in the Co-operative sector.
Introduction of Modern Banking Services such as ATM Centers, Debit Card, Home Banking, RTGS, NEFT, Demat,online banking, etc.
Introductin to introduced "Total Bank Automation"
This Bank was established by the people from the Ahmednagar Dist. in the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973. Late.Solicitor Shri. G.S.Shelke and his colleagues were the motivating force behind the establishment of this bank. Late.Solicitor Shri G.S.Shelke became the first Chairman, Lt. Shri .G.A.Thube, the first Vice-Chairman, Shri. .S.S.Bhagat, the first Secretary. These were the people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Bank had commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the Shareholders of this bank.
The Bank has a humble but a very inspiring beginning. The minimum amount of Rs.10/- per share was required from prospective members and as such practically, from all over Mumbai, they collected the initial share capital of Rs.1.36 Lakhs. With this small amount they started this co-operative activity in Greater Mumbai. The Bank was initially set up to help Mill workers from Kalachowki and Lalbaug area and Dock workers from Carnac Bunder, Fruit, Vegetable and Flower vendors from Crawford market, Byculla and Dadar market, Fish vendors from Colaba and small number of shop keepers and self employed persons.
In the later stages, the Bank has changed its object and decided to cater the needs of common people from all sectors of the society. To obtain this, the bank has decided to change the name from “The Ahmednagar Sahakari Bank Ltd.” to “The Mahanagar Co-operative Bank Ltd.” The new name came into force with effect from 21st January, 1998.
Thanks to the sustained and assiduous efforts over 43 years after its inception, the bank had gained Strong foundation in terms of its membership, resources, assets and profits. During this period the bank grew from strength to strength. The Bank has grown in stature, progressed in its social and economic objectives and produced an image of what an ideal bank should be. It is secured ‘A’ grade classification for all the years from the beginning. Resultantly the Reserve Bank of India awarded scheduled status to the Bank on 30th January 1998. This also boosted the confidence of our members, account holders and depositors of the Bank.
At the helm of the Bank affairs, the bank has been consistently fortunate to have a galaxy of illustrious men. These erudite men with excellent academic qualifications on the Board of Directors of the Bank have given the Bank the benefit of wisdom, expertise and experience with its rich heritage and the solid support that the Bank receives on all fronts from all its constituents. The Bank is confident to make future wisely and consistently. The Bank has been paying dividend to its share holders at the rate of 15% which is maximum permissible dividend as per the MCS Act. Bank has a total of 61 Branches and nonstop 12 hours service in 5 Branches. Area of operation covers the all over Maharashtra. The Bank is perhaps the fastest growing Bank in the Co-operative sector.
Besides this, the Board of Directors have visualized the future increasing competition in this industry and also the expectations of Reserve Bank of India. For this purpose, the Board of Directors is considering the introduction of Modern Banking Services such as ATM Centers, Debit Card, Home Banking, RTGS, NEFT, Demat, IMPS, Net Banking, etc. With this we are fully geared to face the cut throat competition in the Banking Industry in the near future.
Innovative Banking is another area of operation that Mahanagar Bank is currently focusing on for a sustainable long term growth. The Bank has always endeavored for providing satisfactory customer service with the help of the latest technology. The Bank has provided fully computerized services to its valued clients. With a view to meet the challenges of technologically advanced banking system and to upgrade its existing technology, the bank has introduced "Total Bank Automation" to provide the facility of inter-branch connectivity for any time and any branch banking transactions.
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