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Mahesh Bank, Pune was established in 1972 by visionary Shri. Hiralalji Malu with his colleagues and active support of Maheshwari Yuwak Mandal. It is run by people who are the doyens of trade, commerce and industry and respected in the social circle. Their experience and expertise have made the bank efficient and profit-making. An ethical and professional top management has always been its guiding star.
Since its inception, all the directors agreed unanimously not to avail of any loans from the bank and also not to receive any honorarium sitting fees for their services/meetings, etc. This unique gesture of selfless service by the Directors has set an example before the society.
It is a prominent urban co-operative bank in Maharashtra, having headquarters and 11 branches in Pune, 1 at Kalbadevi (Mumbai), 1 at Bhiwandi (Thane), 1 at Latur and 1 at Ichalkaranji (Kolhapur). With such a widespread network, Mahesh Bank, Pune is one of the best co-operative banks in Maharashtra.
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