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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
- 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