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Introduction to the Gujarat state co-operative bank ltd.
The Gujarat State Cooperative Bank is a Scheduled Bank (Registered under the Gujarat Cooperative Societies Act 1961) having requisite Banking License with Head Office located in Ahmedabad. As an Apex bank it serves the credit and financial needs of nearly 28 Lakhs farmers of 8535 PACS through the 18 District Central Cooperative Banks (DCCBs).
GSCB is committed to rural and agriculture development through the vast network of short term cooperative credit structure spread throughout the State of Gujarat. GSCB stands for three tier structure, prosperity and cooperative principles. GSC Bank provides retail banking services to its customers through a network of 29 branches in Ahmedabad & Gandhinagar.
The Gujarat State Cooperative Bank was established in year 1960 and registered under the Gujarat Cooperative Societies Act 1961. Since its inception GSC Bank has served the needs of millions of farmers across Gujarat. Since 2013, GSC Bank has ventured into Retail banking & is continuously expanding its reach to serve more & more people.
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