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“VEERSHAIVISM IS NEITHER A RELIGION NOR A CASTE, IT IS AN IDEAL HUMAN WAY TO LIVE YOUR LIFE.”
far-sighted Ruler of Karveer His Highness “Chatrapati Shahumaharaja” had encouraged social
leaders to establish co-operative credit societies for economic development of
his realm. His Highness not only offered his support to Credit Societies but
also passed a Co-operative Societies Act in 1913. His Highness even made
applicable the Mumbai Societies Act 1925 in his State. As the roots of
co-operation started growing in the Community, eminent social and community
leaders Chief Promoter Raosaheb D.B. Mali and pioneer members Adv. M.D.
Shresthi, Dr. N.C. Chikmath, Shri S.G. Swami, Mahadevanna Chougule, Shivpadanna
Nashte, Virupaksha Doijad, Kashappanna Karambali, Dadoba Gadave, Dhondippana
Todkar and so many others established Shri
Veershaiv Cooperative Bank on 4th
February 1942 with Paid Up capital of Rs.2500/-
The First Board Meeting was held on 12 Feb 1942 to discuss about the fulfillment of terms of registration that is to collect Rs.20,000/- share capital within a short period of 5 months which was great challenge at that time. There was negative public approach towards the Cooperation and the economy was in recession. At the time the 1942 s “Quit India Movement” was also on the peak. With such difficulties to face, the Banks Promoters took painstaking efforts and succeeded in collecting the prescribed share capital of Rs 20,000/= and achieved the “Bank Status”.
During the first decade, after getting the Bank Status, SVCB Bank was the first Banker in Kolhapur who had achieved stipulation of membership (1082 Members) share capital (Rs. 62,000/-) and we are proud to state here that we are the first Bankers in Karveer who had declared 6 % dividend in the beginning years.
Bank celebrated its Golden Jubliee in the Year 1990-91 with 16 Branches and Deposits of Rs.64 Crores and Advances of Rs.44 crores. Bank from inception had pragmatic and forward looking Board of Directors with moto of providing the Banking facilities and credit to all the segments of the society with special emphasis on economically weaker sectors of the society, small agriculturist and entrepreneurs and extending the banking to masses. Banks made rapid progress over the Years and is leading Bank in the Co-op. Sector in Maharashtra. Bank has always completed its social obligations by extending the help to people affected by natural calamities and to social and charitable Institutes / organization promoting social cause. With Deposit base of Rs..516 cr and Advances of Rs.302 cr , SVCB bank is now third amongst five big Co-op. Banks in the Kolhapur District and is staged to take leap with offering wide range of technology services from RuPay Debit Cum ATM Card to Mobile and Internet Banking to its Customers.
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