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Bank’s
Introduction
The Nav Jeevan Co.op. Bank Ltd. – Ulhasnagar established in
the year 1985 a household in the Banking needs of Ulhasnagar City, also
popularly known for its Customer Centric and Customer Friendly approach,
completed 26 years of its inception has become a powerful force in the
Commercial, Economic and Social life in the city of Ulhasnagar and its
surroundings.
A small and humble
beginning made by the Founder & present Chairman Shri. Sitaldas K.
Harchandani (Ex-MLA), has grown into a very popular co.-operative Bank in
Ulhasnagar with 8 Branches – 7 Branches in all sections of Ulhasnagar City and
one Branch at Kopri Colony, Thane (East).
The
Bank has come into existence with the purpose and mission for the Ulhasnagar
and its people as visualized by the Founder Shri. Sitaldas K. Harchandani,
popularly call as “Dadaji”. At the time of partition, the Sindhi
Community in Pakistan had to sacrifice a lot and leave their native –
Sindh (Pakistan) and come to India bare-handed, leaving all their
belongings in the erstwhile Sindh. After coming to India the community was
scattered all over the country, but the major portion if the community
concentrated in Ulhasnagar, living as refugees, where they were provided with
tents as a shelter and later shifted to military camps. They had nothing of
their own or any financial support from the government to start any activity to
meet the minimum subsistence. The young “Dadaji” himself was 15 years old when
he first set foot in the soil of Ulhasnagar along with other refugees migrated
from Pakistan and nobody could
have realized the pain, agony of partition and separation, better than him.
At
a time i.e. during 2000-2001 onwards
when the Co-operative banking system in India was passing through a difficult
phase. The Nav Jeevan Co.-op. Bank
Ltd. had a major transformation in its Business and Personality profile. With
the induction of personnel at the middle and senior management level from
nationalized banks sector, the
Bank has been put up on fast track. From a Co.-op. Bank with business of Rs. 100 Crores in
2000-01 it has grown to Rs.850
Crores + Business.
Till
2002, there were no Pvt. sector Banks in Ulhasnagar and the Nav Jeevan Bank
& Nationalized Bank were catering to the Banking needs of the household and
Business communities, After 2003, almost all Pvt. Sector like ICICI, HDFC, Axis
Bank, IDBI, etc. with the latest infrastructure entered the city of Ulhasnagar.
There was a Question Mark & apprehension as to how The Nav Jeevan – a local
community based Bank is going to survive the competition. With the vast reach
of the Bank in all corners at grass root level and with the technical
savvy and infrastructure if new generation banks, both are able to support and supplement the
efforts of each other in meeting the ever growing banking requirements
of the town. These new generation private sector banks operating in the
neighborhood were looked upon not
as competitors but as co-partners for
the development and meeting the
banking needs of people of Ulhasnagar.
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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