LOCATE ANY BANK BRANCH IN INDIA
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Bank’s Overview |
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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. |
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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
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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