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Haryana State Cooperative Apex Bank Limited (HARCO BANK) occupies a vital position in the State economy and has been financing farmers, rural artisans agricultural labourers, entrepreneurs etc. in the State and serving its depositors for the last 49 years. The Short Term Coop. Credit Structure consists of three tiers i.e. HARCO BANK at State Level having 13 branches and two Extension Counters at Chandigarh and Panchkula. 19 Central Coop.Banks at district head quarters with their 594 branches and 718 PACS catering to the financial needs of 31.26 lacs members who are residing mostly in rural areas of Haryana.The HARCOBANK from the humble beginning in November, 1966 has grown into a sound financing institution of outstanding credit worthiness. The performance of HARCO BANK has been adjudged as the best State Cooperative Bank in the country.It has working capital of Rs.7741.49 as on 31.12.2015.
The Haryana State Cooperative Apex Bank Ltd. commonly called as HARCOBANK occupies a vital position in the economy of Haryana State and has been financing farmers, rural artisans, agricultural labourers, entrepreneurs, etc. in the State and serving its depositors for the last 47 years.Haryana State Co-Operative Apex Bank Ltd;(HSCB) has been preparing Development Action Plans (DAPs) in accordance with the guidelines issued by NABARD.The basic objective of this excersice is to identify the reasons standing in the way of the viability of the bank. The Short Term Cooperative Credit Structure consists of three tiers:
13 branches and 2 extension counters at Chandigarh and Panchkula.
19 Central Cooperative Banks with their 594 barnches working in the length and breadth of the State.
718 PACS (Mini Banks) catering to the financial needs of 30.53 lacs members who are residing, mostly, in the rural areas of Haryana.
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