LOCATE ANY BANK BRANCH IN INDIA
The Kangra Cooperative Bank Ltd. started in a very humble way as a small Thrift/Credit Society in March, 1960 by a few friends of Distt. Kangra of Himachal to help out the people of Himachal residing in Delhi to uplift their economic conditions and tide over the financial hardships. Dedication, sincerity and honesty of these members/associates brought rich fruits and this Thrift/Credit Society grew up into a big society within twelve years after its formation and successful running was converted into a primary urban Cooperative Bank in 1972 by RBI and was permitted to carry out banking activities including acceptance of deposits from public (non-members) by opening their Saving, Current and RD A/c’s. Twenty three years there from in June 1995 it was granted a license to carry out the banking business by the Reserve Bank of India . Thereafter, it was granted license to open branches and consequently eleven more branches were added in February, May, December 1996, June 1998 ,October 2008, July 2009 , April 2014, July 2014, October 2017, February 2018 and the last one in April 2018. In may 1970 it purchased Paharganj building and reconstructed the same in 1993. In october, 1997 it purchased the present premises at Janakpuri to set up administrative, arbitration and recovery department and HO. Central accounts and Personnel department are functioning from this building. It has a meeting room. One branch also function here. The main branch along with its service branch, is situated in its own three storied building at Paharganj. It purchased another Building in April 2008 At Jagatpuri where its one of the existing Branches has already been functioning.
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
1. IFSC code can be found on cheque leaf and bank passbook of the respective bank.
2. Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
3. 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 :
1. Helps to identify a Bank and its respective branch
2. Eliminates errors in the process of fund transfer
3. 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:
1. The first 3 digits represent the city code.
2. The middle 3 represent the particular bank code.
3. 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