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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
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