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sutex cooperative bank limited has branches in 1 States

GUJARAT |

Bank’s Profile

The Sutex Co-op Bank Ltd. proud journey started with its establishment on 15th May,1972.

At the prime time of opening The Sutex Co-op Bank Ltd. its name was The Surat Textile Traders Co-Op. Bank Ltd. Banks registered office address is Surajram Bachkaniwala Bhavan, Nr.Navjivan Circle, Udhan Magdalla Rd.,Surat  . In the year 1972 Bank’s Establisher Chairman Late Shri Surajram Bachkaniwala  and Vice Chairman Late Shri Ashabhai Shankarbhai Patel having a prosperous vision to provide a golden & profitable market  to Surat’s Textile Industry, registered the Bank at a cooperative level. The Sutex Co-op Bank Ltd. provided services with a view to help  Surat Textile Market shop keepers with Banking facilities and help them start and manage their businesses.

The Sutex Co-op Bank Ltd. in the initial stage started with only 270 share holders and Rs. 1.10 lacs share capital. As on 31st March 2019 number of share holders crossed 33169 and share capital of Rs. 5596.76 lacs. As on 31st March 2020 Bank has crossed a total deposits of Rs. 2057 crores and total advances of Rs.1386 crores.

The Sutex Co-op Bank Ltd. has in total 18 branches and an administrative office.

The Bank started with only four employees and as on today it has a big circle of 206 employees. Bank has been providing up to date training to all employees of different levels. All The Sutex Co-op Bank Ltd. branches are well organized and completely computerized and is one of the leading Bank’s across South Gujarat. The Sutex Co-op Bank Ltd. was the first Bank to provide ATM facilities through co-op. sector to its customers. In Surat City Bank provides complete Core Banking Facilities to its customers. It may be noted that the Core Banking Solution was completed in just 3 months period which included 14 branches and a admin office which showed a positive approach and proof of determination of The Sutex Co-op Bank Ltd. Staff. With CBS facilities Banks valued customers now can avail all kinds of Banking services and facilities from any branch.

The Bank considers its customers as a valued customer and provides top level Banking services which has made the Bank very popular among the customers. Due to this Bank’s deposits has always increased. Country’s economical changes, inflation, share market drips ,yield on High interest rates in mutual funds had very less effect on the Bank which can be seen viewing the numerical charts.

Bank leads not only in providing Banking facilities but also is very active in social services. As we know our Surat has been hit several times by natural calamities like floods where Bank has instantly helped its customers without a delay. During the Floods in Surat in the years 1994, 1998 and 2006 Bank provided Loans to those who took severe damages within 24 hours which was noteworthy.

Under technology up-gradation scheme of Indian Government’s textile industry, The Sutex Co-op Bank Ltd. has got approval to provide direct advances and loans. The Sutex Co-op Bank Ltd. was the first Bank to achieve such approval across the nation under Urban Co-op. Banks Category.

Under the TUF scheme Bank has advanced a total of Rs.400 crores and have helped receiving fast subsidy’s to its shareholders which has resulted in strengthening our countries overall economy. For this achievement Bank has received a honorable certificate by the Ministry of textile.

Currently Bank provides all kinds of Banking facilities including CBS,E-statements, SMS alerts, RTGS/NEFT, E-payments,ATM s,IMPS,Lockers,Stamp Franking etc.

 

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

  1. IFSC code can be found on cheque leaf and bank passbook of the respective bank.
  2. Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
  3. 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 :

  1. Helps to identify a Bank and its respective branch
  2. Eliminates errors in the process of fund transfer
  3. 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:

  1. The first 3 digits represent the city code.
  2. The middle 3 represent the particular bank code.
  3. 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

Magnetic 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

IFSC Code

MICR Code

Used to facilitate electronic fund transfers between banks and individuals in India.

MICR code is to facilitate and make cheque processing more efficient.

IFSC is an 11 character alphanumeric code.

MICR is a 9-digit code.

The first four characters indicate the name of the bank.

The first three digits represent the city code where the bank branch is located.

Last 6 digits represent the bank branch location.

Last three digits indicate the code of the bank branch.

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