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The Andhra Pradesh State Co-operative Bank Ltd., was formed with the merger of the Andhra State Co-operative Bank Ltd., Vijayawada and the Hyderabad Co-operative Apex Bank Ltd., Hyderabad and started functioning from the 4th August, 1963 with its Head Quarters located at Hyderabad
The Andhra Pradesh State Cooperative Bank Ltd., (APCOB) is a Scheduled Bank established in the cooperative sector with State Govt. partnership. The Golden Jubilee of APCOB was celebrated in the year 2013.
A distinct feature of APCOB and its affiliated cooperative credit structure is that it encompasses the operations of the Long Term cooperative credit structure ever since amalgamation of the Long Term credit structure during the year 1987 at ground level and in the year 1994 at Apex/State level under the single window credit delivery system. The cooperative credit structure, thus, today serves the Short, Medium & Long term credit requirements of the farmers. At the Primary level, the PACS not only provide credit facilities but also cater to the other needs of the farmers viz. Inputs (seeds, fertilisers, pesticides), storage of produce, marketing, consumer goods etc., as a virtual one stop shop for all requirements of the farmers and rural community.
BIFURCATION OF APCOB:
Consequent bifurcation of the Andhra Pradesh State, the Andhra Pradesh State Cooperative Bank Ltd., has been reorganized/reconstituted into new Telangana State Cooperative Apex Bank Ltd., for the state of Telangana and residual Andhra Pradesh State Cooperative Bank Ltd., for the State of Andhra Pradesh. The two reconstituted/reorganized banks started functioning w.e.f 02.04.2015. In the process of the reorganization of Andhra Pradesh, the APCOB has relocated its headquarters to CRDA region of Vijayawada and started functioning w.e.f. 24.08.2016.
The Cooperative Credit System in Andhra Pradesh is a federal system consisting of three tiers:
At Apex /State level APCOB is functioning with 15 branches and its headquarters is situated at Governorpet. The APCOB as a leader of cooperative credit structure not only provide has been offering all types of banking services to its clients.
1987 Primary Agriculture Credit Societies located in all Mandal headquarters and major villages in the state of Andhra Pradesh.
13 District Cooperative Central Banks with 395 branches located in district headquarters and small towns of Andhra Pradesh.
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