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Kozhikode District Co-operative Bank formerly known as MCC bank was started its function in 1917. 2017 is our precious and glorious centenary year. Now we are having 63 branches throughout Kozhikode District and having well equipped staff strength of more than 500 with a total business of above Rs.6300Crore. Running in CBS, technologically driven Bank is now fully capable of providing almost all the tech banking products such as RTGS/NEFT, DBT, CTS, ATM, POS, NRE transactions etc. We have also acquired Mobile banking license from Reserve Bank of India, and having sound capital adequacy. As a Central Co-operative Bank, we are striving our level best to serve people and society and in the forefront to implement all State and Central Government projects. Result of your support and our hard work, our bank has been ranked the first among the district cooperative banks in the state. Our esteemed member societies especially PACS are the back bone of our bank. We are much obliged to them. KDC Bank plays a vital role in the overall development of the district and now able to compete with any nationalized or commercial bank.
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