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the akola district central cooperative bank has branches in 1 States

MAHARASHTRA |

Bank’s Profile

 

INTRODUCTION:

The Akola District Central Co-operative Bank is the first District Co-operative Bank not only in Maharashtra but in the entire country to have a legacy of 108 years of service. The very first name of this bank was The Akola Central Urban Bank Ltd., Akola. In 1908, 12 prominent social activists from Akola district decided to set up a central bank in Akola, which would provide loans to 13 co-operative societies. He also made a formal application for registration. At that time, Mr. Hemingway was the Registrar of Co-operative Societies. He issued the certificate of registration of the bank on 5th February 1909.

When the Co-operative Credit Unions Act was passed in India in 1904, 13 different types of co-operative societies were established in Akola district from 1908-09. The government had appointed special preachers to convince the people of the principles of co-operation and the importance of co-operatives. MKP Bhat did a lot of work to make the minds of the people more conducive to co-operation. The co-operative movement was well encouraged by the government and the government officials were keen to establish such institutions and make them successful.

Of course, the 13 co-operative societies that were set up in Akola district had nothing to do with each other. Due to the large number of members of these organizations, they had to borrow money from local lenders to meet their current needs. As the scope of work of these institutions grew, so did the need for a central paymenting body. The leaders of the 13 co-operative societies started thinking that the co-operatives should be linked to such a central bank and from there all the affiliated co-operatives should be provided loans. Decided. With the signatures of twelve prominent people, he sent a formal application to register the bank with the Co-operative Registrar.

Over the last 108 years, there has been a change in the management of the bank. The period until the early 1930s, when the churches started the bank and strengthened it financially, is a period. Then in the second period, when the economic downturn hit the country and especially among the peasantry, due to the sharp decline in agricultural production and falling commodity prices, many of the mortgaged lands of those who were unable to repay their loans became the property of the banks.

It would not be an exaggeration to say that the financial operations of the bank were almost closed from 1930 to 1940 due to the recession. Due to the collapse of depositors deposits and shares of the bank in the form of capital loans, the bank had accumulated a lot of money instead of money during this period. But between 1940 and 1945, the bank overcame this financial crisis with great courage and patience and sold all the nearby lands gradually in installments or at full price. Crop conditions improved during these 10 years. Similarly, the prices of agricultural commodities also went up and as a result, the farmers came out of the wave of recession safely. The church was run by a group of well-educated people living in the city. The ideology of the time was that the bank should run well, the financial position of the bank should be strong, and from the point of view of financial law, loans should be given to the farmers according to their needs.

After 1950, the Board of Directors of the Bank of India gradually came to the Board of Directors and became an office bearer. So, it is safe to say that this is the root cause of the bank s boom and bust since 1950. Surprisingly, those who are bone farmers, who have spent most of their lives in the villages, who have a very close relationship with the farmers, would not have worked carefully for the upliftment of the farmers.

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.

List of Bank

ABHYUDAYA COOPERATIVE BANK LIMITED

AHMEDABAD MERCANTILE COOPERATIVE BANK

AHMEDNAGAR MERCHANTS CO-OP BANK LTD

AIRTEL PAYMENTS BANK LIMITED

AKOLA JANATA COMMERCIAL COOPERATIVE BANK

ALLAHABAD BANK

ALMORA URBAN COOPERATIVE BANK LIMITED

AMBARNATH JAIHIND COOP BANK LTD AMBARNATH

ANDHRA BANK

ANDHRA PRADESH GRAMEENA VIKAS BANK

ANDHRA PRAGATHI GRAMEENA BANK

APNA SAHAKARI BANK LIMITED

AU SMALL FINANCE BANK LIMITED

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

AXIS BANK

B N P PARIBAS

BANDHAN BANK LIMITED

BANK OF AMERICA

BANK OF BAHARAIN AND KUWAIT BSC

BANK OF BARODA

BANK OF CEYLON

BANK OF INDIA

BANK OF MAHARASHTRA

BARCLAYS BANK

BASSEIN CATHOLIC COOPERATIVE BANK LIMITED

BHAGINI NIVEDITA SAHAKARI BANK LTD PUNE

BHARAT COOPERATIVE BANK MUMBAI LIMITED

CANARA BANK

CAPITAL SMALL FINANCE BANK LIMITED

CENTRAL BANK OF INDIA

CITI BANK

CITIZEN CREDIT COOPERATIVE BANK LIMITED

CITY UNION BANK LIMITED

COASTAL LOCAL AREA BANK LTD

CORPORATION BANK

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK CALYON BANK

CREDIT SUISEE AG

CSB BANK LIMITED

CTBC BANK CO LTD

DBS BANK INDIA LIMITED

DCB BANK LIMITED

DENA BANK

DEOGIRI NAGARI SAHAKARI BANK LTD. AURANGABAD

DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION

DEUSTCHE BANK

DHANALAKSHMI BANK

DMK JAOLI BANK

DOHA BANK

DOMBIVLI NAGARI SAHAKARI BANK LIMITED

DURGAPUR STEEL PEOPLES CO-OPERATIVE BANK LTD

EMIRATES NBD BANK P J S C

EQUITAS SMALL FINANCE BANK LIMITED

ESAF SMALL FINANCE BANK LIMITED

EXPORT IMPORT BANK OF INDIA

FEDERAL BANK

FINCARE SMALL FINANCE BANK LTD

FINO PAYMENTS BANK

FIRST ABU DHABI BANK PJSC

FIRSTRAND BANK LIMITED

G P PARSIK BANK

GS Mahanagar Co-operative Bank Limited, Mumbai

HARYANA STATE COOPERATIVE BANK

HDFC BANK

HIMACHAL PRADESH STATE COOPERATIVE BANK LTD

HSBC BANK

ICICI BANK LIMITED

IDBI BANK

IDFC First Bank Ltd

IDUKKI DISTRICT CO OPERATIVE BANK LTD

INDIA POST PAYMENT BANK

INDIAN BANK

INDIAN OVERSEAS BANK

INDUSIND BANK

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

INDUSTRIAL BANK OF KOREA

Irinjalakuda Town Co-Operative Bank Ltd

JALGAON JANATA SAHAKARI BANK LIMITED

JAMMU AND KASHMIR BANK LIMITED

JANA SMALL FINANCE BANK LTD

JANAKALYAN SAHAKARI BANK LIMITED

JANASEVA SAHAKARI BANK BORIVLI LIMITED

JANASEVA SAHAKARI BANK LIMITED

JANATA SAHAKARI BANK LIMITED

JIO PAYMENTS BANK LIMITED

JP MORGAN BANK

KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LIMITED

KALUPUR COMMERCIAL COOPERATIVE BANK

KALYAN JANATA SAHAKARI BANK

KARNATAKA BANK LIMITED

KARNATAKA GRAMIN BANK

KARNATAKA VIKAS GRAMEENA BANK

KARUR VYSYA BANK

KEB Hana Bank

KERALA GRAMIN BANK

KOOKMIN BANK

KOTAK MAHINDRA BANK LIMITED

KOZHIKODE DISTRICT COOPERATIAVE BANK LTD

KRUNG THAI BANK PCL

LAXMI VILAS BANK

Maharashtra Gramin Bank

MAHARASHTRA STATE COOPERATIVE BANK

Mahesh Sahakari Bank Ltd Pune

MASHREQBANK PSC

MIZUHO BANK LTD

MODEL COOPERATIVE BANK LTD

MUFG BANK, LTD

NAGAR URBAN CO OPERATIVE BANK

NAGPUR NAGARIK SAHAKARI BANK LIMITED

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

NAV JEEVAN CO OP BANK LTD

NEW INDIA COOPERATIVE BANK LIMITED

NKGSB COOPERATIVE BANK LIMITED

NORTH EAST SMALL FINANCE BANK LIMITED

NSDL Payments Bank Limited

NUTAN NAGARIK SAHAKARI BANK LIMITED

ORIENTAL BANK OF COMMERCE

PAYTM PAYMENTS BANK LTD

PRIME COOPERATIVE BANK LIMITED

PT BANK MAYBANK INDONESIA TBK

PUNJAB AND SIND BANK

PUNJAB NATIONAL BANK

QATAR NATIONAL BANK SAQ

RABOBANK INTERNATIONAL

RAJARAMBAPU SAHAKARI BANK LIMITED

RAJARSHI SHAHU SAHAKARI BANK LTD PUNE

RAJASTHAN MARUDHARA GRAMIN BANK

RAJGURUNAGAR SAHAKARI BANK LIMITED

RAJKOT NAGRIK SAHAKARI BANK LIMITED

RBL Bank Limited

RESERVE BANK OF INDIA

SAHEBRAO DESHMUKH COOPERATIVE BANK LIMITED

SAMARTH SAHAKARI BANK LTD

SANT SOPANKAKA SAHAKARI BANK LTD

Saraspur Nagrik Co operative Bank Ltd Saraspur

SARASWAT COOPERATIVE BANK LIMITED

Satara Sahakari Bank Ltd

SBER BANK

SBM BANK INDIA LIMITED

SHIKSHAK SAHAKARI BANK LIMITED

SHINHAN BANK

SHIVALIK MERCANTILE CO OPERATIVE BANK LTD

SHRI CHHATRAPATI RAJASHRI SHAHU URBAN COOPERATIVE BANK LIMITED

Shri Veershaiv Co Op Bank Ltd

SIR M VISVESVARAYA CO OPERATIVE BANK LTD

SOCIETE GENERALE

SOLAPUR JANATA SAHAKARI BANK LIMITED

SOUTH INDIAN BANK

STANDARD CHARTERED BANK

STATE BANK OF INDIA

Suco Souharda Sahakari Bank Ltd

SUMITOMO MITSUI BANKING CORPORATION

SURAT NATIONAL COOPERATIVE BANK LIMITED

SURYODAY SMALL FINANCE BANK LIMITED

SUTEX COOPERATIVE BANK LIMITED

SYNDICATE BANK

TAMILNAD MERCANTILE BANK LIMITED

TELANGANA STATE COOP APEX BANK

TEXTILE TRADERS CO-OPERATIVE BANK LIMITED

THE A.P. MAHESH COOPERATIVE URBAN BANK LIMITED

The Ajara Urban Co op Bank Ltd Ajara

THE AKOLA DISTRICT CENTRAL COOPERATIVE BANK

THE ANDHRA PRADESH STATE COOPERATIVE BANK LIMITED

THE BANK OF NOVA SCOTIA

THE BARAMATI SAHAKARI BANK LTD

THE COSMOS CO OPERATIVE BANK LIMITED

THE DELHI STATE COOPERATIVE BANK LIMITED

THE GADCHIROLI DISTRICT CENTRAL COOPERATIVE BANK LIMITED

THE GREATER BOMBAY COOPERATIVE BANK LIMITED

THE GUJARAT STATE COOPERATIVE BANK LIMITED

THE HASTI COOP BANK LTD

THE JALGAON PEOPELS COOPERATIVE BANK LIMITED

THE KANGRA CENTRAL COOPERATIVE BANK LIMITED

THE KANGRA COOPERATIVE BANK LIMITED

THE KARAD URBAN COOPERATIVE BANK LIMITED

THE KARANATAKA STATE COOPERATIVE APEX BANK LIMITED

The Kerala State Co Operative Bank Ltd

THE KURMANCHAL NAGAR SAHAKARI BANK LIMITED

The Malkapur Urban Co Operative Bank Ltd Malkapur

THE MEHSANA URBAN COOPERATIVE BANK

THE MUMBAI DISTRICT CENTRAL COOPERATIVE BANK LIMITED

THE MUNICIPAL COOPERATIVE BANK LIMITED

The Muslim Co-operative Bank Ltd

THE NAINITAL BANK LIMITED

THE NASIK MERCHANTS COOPERATIVE BANK LIMITED

THE NAVNIRMAN CO-OPERATIVE BANK LIMITED

THE NILAMBUR CO OPERATIVE URBAN BANK LTD NILAMBUR

THE ODISHA STATE COOPERATIVE BANK LTD

THE PANDHARPUR URBAN CO OP. BANK LTD. PANDHARPUR

THE PUNJAB STATE COOPERATIVE BANK LTD

The Pusad Urban Cooperative Bank Ltd Pusad

THE RAJASTHAN STATE COOPERATIVE BANK LIMITED

THE SEVA VIKAS COOPERATIVE BANK LIMITED

THE SHAMRAO VITHAL COOPERATIVE BANK

THE SINDHUDURG DISTRICT CENTRAL COOP BANK LTD

THE SURAT DISTRICT COOPERATIVE BANK LIMITED

THE SURATH PEOPLES COOPERATIVE BANK LIMITED

THE TAMIL NADU STATE APEX COOPERATIVE BANK

THE THANE BHARAT SAHAKARI BANK LIMITED

THE THANE DISTRICT CENTRAL COOPERATIVE BANK LIMITED

THE UDAIPUR URBAN CO OPERATIVE BANK LTD

THE URBAN CO OPERATIVE BANK Ltd No ONE SEVEN FIVE EIGHT PERINTHALMANNA

THE VARACHHA COOPERATIVE BANK LIMITED

The Vijay Co Operative Bank Limited

THE VISHWESHWAR SAHAKARI BANK LIMITED

THE WEST BENGAL STATE COOPERATIVE BANK

THE ZOROASTRIAN COOPERATIVE BANK LIMITED

THRISSUR DISTRICT CO-OPERATIVE BANK LTD

TJSB SAHAKARI BANK LTD

TUMKUR GRAIN MERCHANTS COOPERATIVE BANK LIMITED

UCO BANK

Ujjivan Small Finance Bank Limited

UNION BANK OF INDIA

UNITED BANK OF INDIA

UNITED OVERSEAS BANK LIMITED

UTKARSH SMALL FINANCE BANK

UTTAR PRADESH COOPERATIVE BANK LTD

VASAI JANATA SAHAKARI BANK LTD

VASAI VIKAS SAHAKARI BANK LIMITED

VIJAYA BANK

WOORI BANK

YES BANK

ZILA SAHAKRI BANK LIMITED GHAZIABAD