LOCATE ANY BANK BRANCH IN INDIA
Shikshak Sahakari Bank Ltd. was established in the year 1979 with the aim to help teachers to meet their financial needs. The thought of establishing a bank had cropped up in the minds of its founders in the year 1976. However, it saw its realisation in January 1979. The Bank was started with a share capital of Rs. 3.50 lacs only. The founders of the Bank were teachers by profession. It can be said that Shikshak Bank is a bank founded by teachers for teachers.
However, later the Bank did not keep itself limited to teachers but opened its membership to all. It also started financing for commercial purposes from the year 1987. The Bank achieved the deposit target of Rs. 100.00 crores in the year 1996-97. Consequently, it was awarded the Scheduled Status on May 22, 1999. Shikshak Bank is the first bank to get this status within twenty years of its inception, which is obviously a very short time-period. However, the bank’s accomplishments don’t end here. In the year 1999-2000, the Bank secured 20th rank amongst other banks with regard to deposits and was placed first in Vidarbha. In the year 2000-2001, it rose to the 19th position amongst the banks with regard to deposits while maintaining its top position among the banks of Vidarbha.
The Bank presently has 19 branches functioning in Nagpur and Chandrapur districts. It has action plans to open more branches in the near future. The area of operation of the Bank includes Nagpur, Chandrapur, Wardha, Yavatmal, Bhandara and Gadchiroli districts.
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