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The period of 1970-71 was favourable for opening Urban Co-operative Banks.This was a very conducive ground for these veterans to bring their dream of establishing the bank to reality.
After various discussions among various social activists from Hadapsar (such as Hon. (Late) Shri. D.A. alias Mama Hajare, Hon. (Late) Shri. Devramji Abnave, Hon. Shri. Madhukarraoji Temgire etc.) and the then Prant Pracharak Hon.(Late) Shri. Babarao Bhide, it was decided to establish the Bank in co-operative sector.
After rigorous compliance,Reserve Bank of India, granted permission to open the Bank. The name Janaseva was arrived at after considering various names such as Hadapsar Janata Bank, Janalaxmi Bank, Bhagyalaxmi Bank, etc. The Bank was formally established with the name Janaseva Sahakari Bank Ltd. Pune on auspicious day of Dussera on 24th October 1972 (with initial paid up capital of Rs. 56,000/-) and later inaugurated on 7th November 1972 by the auspicious hands of the then Mayor of Pune City Shri. Nilubhau Limaye. The bank started working from, Gandhi Chowk, Hadapsar in a very small premises owned by Shri. Laxminarayan Mundada with office area of only 160 feet.
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