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Bank’s
Overview
The
beginning of The Kerala State
Co-operative Bank Ltd dates back to early 20th century. In the year 1914,
the then Maharaja of Travancore, His Highness Sree Moolam Thirunal
Ramavarma, through a proclamation introduced “The Travancore Co-operative Societies
Regulation Act”. The Bank was registered in the year 1915 as the “Trivandrum
Central Co-operative Bank” which was the first Cooperative Society to be formed
in the former princely State of Travancore . It started functioning as a Bank
on January 18, 1916 with a share capital of Rs.1,00,000 /- made up of 1000
shares of Rs.100/- each. In the beginning there were 16 Co-operative Societies
and 69 individuals as its members.
In
1943, it was converted into the Travancore Central Co-operative Bank, giving it
a federal character of the Travancore State. In the wake of Indian Independence
and the reorganization of States, the Bank was re-organized as a State
Co-operative Bank for Travancore-Cochin State in the year 1954. In the year
1956, the reorganization of Indian States took place and the State of ‘Kerala’
was formed. The Bank was then elevated to the position of State
Co-operative Bank for the State of Kerala and it became “The Kerala State Co-operative Bank Ltd.” At that time, the
Bank had a working capital of Rs.42.90 lakhs, deposit of Rs.30.33 lakhs and
loans and advances to the tune of Rs.21.66 lakhs.
The Kerala State Co-operative
Bank was
registered and retained as an Apex Bank in which only Co-operative Banks
approved by the Registrar of Co-operative Societies were admitted as members.
Since then the Trivandrum District Co-operative Bank and the Government of
Kerala were the only members. Subsequently after the
formation of the Districts, District Co-operative Banks were registered in each
District and all the District Co-operative Banks were admitted as members.
In
July 1966, the Kerala State Co-operative Bank Ltd was included in the 2nd
Schedule of the Reserve Bank of India Act 1934 . The Reserve Bank of India as
per the provisions contained in the 2nd Schedule of the Act approved the Bank
as a Scheduled State Co-operative Bank. The Kerala State Co-operative Bank Ltd
is the first Scheduled Apex Co-operative Bank in the Co-operative Banking
Sector in the country. In 1972 it was issued a license to carry on the business
of Banking under Section 22 of the Banking Regulation Act ,1966. The Bank is a
financing bank as defined in the Kerala Co-operative Societies Act ,1969 is a
Co-operative Society having its members only other Co-operative Societies. The
bank is doing the business of banking within the frame work of
rules/regulations/guidelines stipulated by Reserve Bank of India and National
Bank for Agricultural and Rural Development (NABARD).
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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