LOCATE ANY BANK BRANCH IN INDIA
1. Came into existence on 17th March 1920 (License No. RPCD.09/2009-10).
2. Indora Banking Union was merged and 2nd Branch of the Bank opened at Nurpur in Jan’1956.
3. Palampur Banking Union was merged and 3rd Branch of the Bank opened at Palampur in Jan’1957.
4. Nanaon Banking Union was merged and 4th Branch of the Bank opened at Hamirpur in Oct’1958.
5. The Bank suffered losses because of the partition in 1947 to the tune of Rs.10.64 Lacs.
6. In Mar 1962, the bank suffering from the setback of partition was granted Rs.4.09 Lacs by the Govt.
7. Govt also provided Interest Free Relief Loan of Rs.3.98 Lacs and Govt of India Loan of Rs.4.97 Lacs @ 3.87% in 1962 In 1971-72.
8. The Bank entered into the deposit mobilisation scheme of Pong Dam Area aggressively and secured maximum share of Deposit Bank Deposits increased from Rs. 256 Lacs in 1971-72 to Rs. 1054 Lacs in 1973-74.
• Established in year 1971
• Started as a small cooperative bank and gradually increasing its branches to 25.
• Now bank is having network of 25 branches and 13 ATM s.
• Bank has successfully implemented Core Banking(CBS) in year 2004.
• Bank is non scheduled Urban Co-op Bank in Pune District having own Data centre under CBS with Disaster Recovery Centre in different earthquake zone at Bangalore.
• Bank has been awarded many awards from well known institutions like The Banking Frontiers, Urban Banks Association Pune, Maharashtra State Federation
• Crossed total business of Rs 1500 crore.
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