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Bank’s
About
Rajkot Nagarik Sahakari Bank
Ltd. is a
leading co-operative bank, having its headquarters at Rajkot city of Gujarat
State in India. The Bank was established on 5th October 1953 under the
leadership of late Shri Keshavlal Amrutlal Parekh as Chairman and late Shri
Janmashankar Antani as Managing Director with a small capital amount of
Rs.4,890 contributed by 59 members. It was the first co-operative institution
to start functioning in the erstwhile state of Saurashtra and was inaugurated
by "Sahakar Maharshi" late Shri Vaikunthbhai Metha. Bank has made
tremendous progress since its inception, achieving new heights in banking as
well as co-operative sector, becoming the pride of Saurashtra region under the
leadership of former Chairman late Shri Arvindbhai Maniar.During past decades,
the Bank has played vital & leading role in the development of industries,
business & economy of Rajkot city, development and nursing of co-operative
movement in Saurashtra.Bank has grown manifolds over the years. Membership
(share-holders) of bank is inching towards 3 lacs mark which is a record by itself
& provides an example of how a mass movement can be turned into the
instrument of social upliftment. Today, the Bank has more than 7.20 lacs
deposit accounts with a deposit base of 4,400 crores and 45,000+
establishments/individuals enjoy credit facilities of Rs 2,400 crores.Since its
inception, the Bank has been guided by eminent people, with foresight &
vision, which included names like Shri Keshubhai Patel, Shri Vajubhai Vala,
Shri Shashikant Mehta, Shri Vasantbhai Khokhani, Shri Pravinbhai Maniyar, Shri
Shivlalbhai Vekaria etc..Being in the service sector, with a vision of current
& future trends, Bank started automation & modernization way back in
1987 and by 1995 all the Branches were computerized.Bank is enjoying the
Scheduled Bank status Since 1988. In the year 2001, it was registered under
Multi-State Co-operative Society Act. and is a Multi-State Scheduled
Co-operative Bank operating in the States of Gujarat and Maharashtra.
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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