LOCATE ANY BANK BRANCH IN INDIA
About
Bank
The
genesis of our Bank was in the form of a Credit Society, which was formed on
26.04.1916 as Mangalorean Catholic Credit Society Ltd., and had a very humble
beginning. On 15.06.1998, it was converted into a Bank which is now called as Model Co-operative Bank Ltd., with a
licence issued by RBI to do banking business.
|
Name of
the Bank |
: |
MODEL
CO-OP. BANK LTD. |
|
Registered
Office |
: |
14-B,
Vatsa House, Janmabhoomi Marg, Fort, Mumbai - 400 023 |
|
Administrative
Office |
: |
501,Central
Plaza,166 CST Road, Kalina, Santacruz (East), Mumbai 400 098 |
|
Registration
No. : |
: |
1107
dated 26-04-1916, registered under Section 9 of the Co-operative Societies
Act of 1912 as Manglorean Catholic Co-operative Credit Society Ltd. The name
of the society was changed to “The Manglorean Catholic Co-operative Bank
Ltd.”, on 02-09-1998 and as “Model Co-operative Bank Ltd.,” on 14-12-1998. |
|
RBI
Approval / License |
: |
Included
in the list of Primary Co-operative Banks under the Banking Regulation Act,
1949 (As applicable to Co-operative Societies) on 15-06-1998. License
No. UBD.MUM(MAH)0034/P 2006-07 dated 28-05-2007. |
|
Jurisdiction |
: |
Greater
Mumbai , Thane, Raigad & Palghar Districts |
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
Magnetic
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
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