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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
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