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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
- 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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