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Sir M Visvesvaraya Co-operative Bank Ltd., was established in the year 1979 by a few like minded individuals from different walks of life with a view to cater the banking needs of lower and middle class people with a special attention to the working class.
The Bank believes in Consumer Oriented approach. The Bank is eager to provide services to the maximum extent in view of globalization and also the challenges posed by the beginning of the new millennium. The main objective of the Bank is to strive hard to know and understand the needs of the Members and Customers. This will enable the Bank to establish predetermined goals and to attain them.
Through the 40 Years of being in business, Sir M. Visvesvaraya Co-Operative Bank has always placed the Interests of its valued Customers in the pivotal position. This is reflected as much in the Warm, Friendly Atmosphere at every branch as it is in the various Customer Friendly Schemes for Deposits & Advances. The Bank always aims towards being a "Bench Mark in Co-Operative Banks in India" with out deviation in Co-operative principle. Modernisation has never taken a back seat at Sir M. Visvesvaraya Co-Operative Bank Ltd. Core banking Solutions in all its Branches are proof of this.
Continuous Growth in Deposits and Advances and increased number of growth in Deposits Advances, increased number of members and Customers over the past 40 Years has placed Sir. M. Visvesvaraya Co-Operative Bank Ltd one among the top Co-operative Banks of the State. Sir M. Visvesvaraya Co-Operative Bank Ltd believes in decentralization. This will enable the bank to dispose off the Loan Applications quickly.
The bank is striving hard towards fulfilling & meeting, objectives laid down by the promoters.
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