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the cosmos co operative bank limited has branches in 6 States
ANDHRA PRADESH | GUJARAT | KARNATAKA | MADHYA PRADESH | MAHARASHTRA | TAMIL NADU |Bank’s
Profile
The Cosmos Co-operative
Bank Ltd. (Cosmos Bank),
established in 1906, is one of the oldest Urban Co-operative Banks in India.
Cosmos Bank celebrated its centenary on 18 January 2006. It is one of the first
co-operative banks in the country to implement Core Banking
System (CBS) across the entire network of its then 140 service
outlets using Finacle-Infosys Core Banking
Software. It also received an authorized dealer (AD) license from the Reserve Bank
of India to become the third co-operative bank in India to have
such a license in thirty years.
The bank
is headquartered in Pune in its Corporate Office - Cosmos Tower near on Ganeshkhind Road, Shivajinagar, Pune.
This bank
was founded on January 18, 1906 in Pune by Krishnaji Sadashiv Gore and Shankar
Hari Barve. The first Chairman of the Cosmos Bank was Sahitya Samrat N.C.
Kelkar alias Tatyasaheb Kelkar. On December 1, 1990, Cosmos Bank received the
Scheduled status and within a short span of just 7 years, on November 28, 1997
the Bank was awarded the Multi-State status. The Cosmos Bank is operative in
7 States of India, viz., Maharashtra, Gujarat, Madhya Pradesh, Karnataka,
Andhra Pradesh, Telangana and Tamil Nadu through its 140 branches. Bank has
more than 2 Millions customers and 79,000 shareholders.[citation
needed]
Cosmos
Bank is the first bank in co-operative sector to be granted permission to
operate a Currency Chest. Cosmos Bank has a Currency Chest in Pune, offering
services to other bank in Pune.
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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