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We are proud to state that the Chairman of our bank is also the Chairman of
"Sangli Zillha Sahakari Nagari Bank s Association"
Veteran leader and Ex. President of Maharashtra Congress Committee, Shri. Rajarambapu Patil was instrumental in establishing education society, sugar factory, spinning mill, consumer stores and co.op.bank in this region. He had a vision of developing the rural areas for which he recognized the need of banking. On 29.6.1981, Walwa Sahakari Bank Ltd., Peth was founded. After Reserve Bank of India’s permission bank commenced its operation on 10.11.1981. Rajarambapu Patil was leading height of the bank; he saw that the bank provides services to small and needy persons. It was his endless endeavor to cater to the needs of poor farmers of this area throughout his life. Sad demise of Rajarambapu Patil on 17.01.1984 was a big set back for this region.
His followers & board members of various organizations handed over leadership to Shri. Jayantrao Patil, in him they saw a spark of dynamism. It was unanimously decided to rename Walwa Sahakari Bank as Rajarambapu Sahakari Bank in 1984.
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