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Suryoday - ‘Sunrise’ in Sanskrit, signifies a new dawn, a new beginning and this encompasses our strong commitment to financial inclusion. In the past, as Suryoday Micro Finance and now as Suryoday Small Finance Bank.
Our journey from Micro Finance to a Small Finance Bank took just eight years. Today over a million ‘smiling customers’ stand testimony to our belief that ‘no matter what, dreams, when enabled will transform mankind and create a whole new world around’.
We are among the 10 companies and the only one from Maharashtra to obtain a ’Small Finance Bank’ licence from the Reserve Bank of India (RBI).
Suryoday Small Finance Bank is a new age bank that went live on January 23rd 2017. Our endeavour is to bring the best banking solutions to the ‘banked’, ‘under-banked’ and the ‘un-banked’ sections of the society. Our power packed solutions are designed to offer the choicest of benefits to suit different financial needs. As always, our focus will continue to be on ensuring the best in class ‘Customer Experience’.
As a bank, we will
Continue to offer our existing credit products suite of MFI loans, Vikas Loans, Shopkeeper Loans etc. to new and current customers.
Offer digital banking as the key account differentiator to customers using the extensive seeding of Aadhar biometric identification system, NPCI’s payment systems and mobile technologies whilst continuing to explore banking through traditional channels.
Focus on the unserved and the underserved through innovative banking practices and continue to expand reach in states where we currently don’t have a presence
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