LOCATE ANY BANK BRANCH IN INDIA
Bank’s
Overview
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Founder/Former
Chairman- Sri Madan Lal Sah (26.05.1928 – 11.12.2008) |
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Founder,
former Chairman and the guiding light of The Kurmanchal Nagar Sahkari Bank
Ltd. A consummate banker, he was revered for his great intellect and colossal
capacity to work, and to take decisions with incredible rapidity. A living
embodiment of godliness, he brought hope into many lives by not only
establishing The Kurmanchal Nagar Sahkari Bank Ltd. but also Mohan Lal Sah
Bal Vidhya Mandir, and championing several social welfare schemes. He was
regarded as the most highly venerated ambassador of our ancient heritage to
the modern world. His loss is deeply felt by the entire Kurmanchal Bank
family. While he championed the progress of the bank during its initial
quarter century his example and spirit continues to inspire the further
progress of the bank. |
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Management |
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The
affairs of the bank are managed by an elected board of directors. There are
total 13 directors in the Board including two professional directors, both
being ex-bankers in higher management with adequate bank audit experience.
The board has constituted five sub committees viz Audit Committee, Loan
Committee, Investment Committee, Staff Committee, Infrastructure Committee. |
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Organisational
Structure |
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Headquartered
in Nainital the bank has a network of 41 branches and 27 on-site ATMs spread
across entire state of Uttrakhand. The bank follows need-based recruitment
policy and appointments are made in proportion to the volume of business.
Recruitment is done through open competition to get quality staff. All
officers and clerical staff are either graduate or postgraduate in various
disciplines. With the changing demand of the banking industry, the bank also
gives preference to personnel with higher or professional qualifications.
Training of Bank’s personnel at premium institutes like CAB Pune is an ongoing
process. |
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Systems
and Control |
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The
branches are directly controlled by Head Office, annual business plan and
budget is prepared for the ensuing year and is communicated to the all
concerned well in advance. The branch functionaries are delegated adequate
administrative and financial powers to achieve the targets. To ensure growth
with consistency business plans are usually pragmatic, achievable and
consistent with an element of challenge. |
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Achievements
under the various head vis a vis the targets are reviewed by the Board / Top
Management periodically. Bank emulates best practices in the industry to
ensure sound systems and control. |
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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