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Nagpur Nagarik Sahakari Bank is one of the oldest and leading Cooperative bank in Vidarbha. With the collective efforts by some of the devoted members of cooperative movement, on the auspicious day of "Vijayadashmi" in the year 1962. Nagpur Nagarik Sahakari Bank s first branch was started in Gandhibagh area of Nagpur.
The Bank started with a meager capital amount of Rs. 26000/- and has grown to a capital base of Rs. 1493.46 lac with 60521 members as on 31st March, 2010. The Bank was awarded Scheduled bank status on 22nd May 1999 after fulfilling the criteria of desired deposit base. The bank has also acquired Multistate Scheduled Bank status on 21st March 2001. Today, the area of operation of the bank is entire state of Maharashtra , Madhya Pradesh and Raipur, Durg in the state of Chattisgarh.
The Bank has adopted models Bye-Laws of Multistate Cooperative Societies on approval w.e.f Dt 17/12/2004.
The Bank has 45 Nos of fully computerized branches with one Service branch and Head Office. Out of the above, the bank own s premises for its 19 branches with modern interiors.
All members of the Board of Director are always striving for moving the bank towards bright future in cooperative banking sector. The board members are well qualified in various professional areas, possess special experience in cooperative sector and attached to various social organizations.
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