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North East Small Finance Bank Limited is the wholly owned subsidiary of RGVN (North East) Microfinance Limited.
On September 16, 2015, Reserve Bank of India awarded the “In-principle approval” to set up Small Finance Bank (SFB) to 10 Financial Institutions, including RGVN (North East) Micro Finance Limited, the same can be viewed here at https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=35010.
The only institution from North-Eastern state of India to receive this recognition to establish Small Finance Bank. The main objective behind setting up small finance bank by RBI was to drive the objective of financial inclusion by making provision of savings and to provide credit to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities, through high-end technology, low cost operations.
For meeting the stipulations prescribed under “In Principle Approval” and other prescribed Guidelines issued by RBI under Small Finance Bank, a new entity i.e “North East Small Finance Bank Limited” having CIN- U65100AS2016PLC017505 was incorporated on July 25, 2016 as a subsidiary to its parent Company RGVN (North East) Micro Finance Limited.
Some of the most reputed organizations in India and abroad viz. SIDBI Venture Capital Limited (Samirdhi Fund), M/s RNT Associates Private Limited, M/s PI Venture LLC, Norwegian Micro finance Initiative, M/s Dia Vikas Capital and IDBI Bank have expressed their confidence to our organization and agreed to partnered with RGVN (North East) Microfinance Limited for the transformation into the Banking Business of “Small Finance Bank”.
We have designed various Asset and Liability products to meet the financial needs of our customers who have been deprived from the formal banking and other financial services till now. We also have kept in mind of their saving needs and have customized products that will take care of their Small and Regular savings as well as target based savings that are simple and easy to understand and have the maximum benefit. Further, we shall also provide them with the facility of Doorstep Banking.
The Bank has commenced its Banking Business vide RBI Press release dated October 17, 2017, which is available on RBI website https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=42001 for the Reference.
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