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The Kalyan Janata Sahakari Bank Ltd., founded in year 1973, is a Multi-state Co- operative Bank having network of 42 branches spread over Maharashtra. The Bank is one among the top leading Co-operative Banks in Maharashtra, and continuously in profit since inception. We are working with up to date Technology Platforms enabling the customers to avail banking services as per their convenience.
Bank has balanced traditional as well as new age banking to enhance customer service. Currently we are at par with other banks as regards to availability of the products and services. We are always proactive on technology front with aim to serve existing customers and to cater new customers.
In the true spirit of co-operation, bank has always extended helping hand to small co- operative banks by making them available our technology services and free consultancy in the area like DC/DR services, which enabled them to serve their customers more efficiently. With the help of such technological support to our core personalized banking services the bank is getting boost for the growth in business and profits. Owning of such high technological platforms is not only costly for setting up only, but also requires huge recurring costs, and most important its maintenance requires lot of skills and techniques, for which our bank is adequately equipped with.
Our board of directors have maintained the policy of not availing loans from the bank. It was only recently that the RBI issued this directive but the bank had steadfastly followed this policy since inception. By donating the entire sitting fees paid to the directors, it has constituted the ‘Sanchalak Samaj Seva Puraskar Nidi’, a trust funds from which INR 25,000/- is awarded each year to distinguish person.
The progress of bank is due to team work of cohesive team of our employees & the directors with imagination & initiative lead with brilliance, efficiency and sincere hard work, serving the best to fulfill needs of the customer.
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