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Bank’s
Profile
INTRODUCTION:
The
Hyderabad Co-operative Apex Bank Limited, Hyderabad and The Andhra State
Co-operative Bank Limited were merged in the year 1963 and formed into The
Andhra Pradesh State Co-operative Bank Limited (APCOB), with Head Office at
Hyderabad.
Consequent
to decision taken by the government for implementation of Single Window Credit
Delivery System for delivering both investment and production credit for
agriculture through single agency, the Andhra Pradesh Co-operative Central Agricultural
Development Bank Limited (APCCADB), which was catering to the needs of Long
Term Investment Credit in the then State of Andhra Pradesh, was merged with the
APCOB, during the year 1994 for providing both Short Term and Long Term through
the APCOB / DCCBs / PACS.
GENESIS
OF APEX BANK:
Consequent
to the reorganization of the State of Andhra Pradesh and formation of a new
State of Telangana in 2014, APCOB is reorganized / reconstituted into two State
Co-operative Banks, viz., Telangana State Co-operative Apex Bank Limited (Apex
Bank) and the residual APCOB, catering to the needs of Telangana and the
residual Andhra Pradesh respectively. Both the SCBs started working
independently from 2nd April, 2015.
Telangana
State Co-operative Apex Bank Limited, Hyderabad is registered under State
Cooperative Societies Act on 26.03.2015 (Registration No.TAB.321) and commenced
its business from 2nd April, 2015 onwards.
VISION:
To be
the “Best State Co-operative Bank” in
the country, providing effective leadership, guidance, training and refinance
support to the Co-operative Credit Structure (CCS) for sustainable growth and
all-round development of CCS and also the State of Telangana.
APEX
BANK AT A GLANCE:
|
Number of Branches under Apex Bank |
42 |
|
Number of ATMs |
36 Onsite ATMs |
|
Number of DCCBs |
9 |
|
Number of Branches under DCCBs |
363 |
|
Number of PACS |
799 |
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
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
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