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The Malkapur urban Co op Bank Ltd, Malkapur is at the leading level in the co-operative sector.Implementation of the latest Services and Facilities is the main target of the Bank.Bank has 212 Employees working as a team to fullfill the requirements of the customer to the end. Due to good understanding among the officers and their Collegues Banks Reaching towards Success.Bank Always focus on the training and the smartwork of the the employees,so bank Send the employees to various training places like Yashada Pune,Vaikunthbhai Mehata,Sahkari Prabandh Santha Pune,Dhananjay Gadgil etc.The agenda of the bank is clear and simple that each and every employee of the the bank must be educated so it is helpfull for employee and for the bank.Some Bank Employees Preparing for the upcoming JIIB Exam held May-2016.
The bank is classified as a Tier II bank since the Bank is having mixed business.The Bank is working since last 58years having its area of operation in the entire State of Maharashtra having 28 branches and having Registration No. BUD/BNK/101/1962. The Head Office is situated at “Dhanshree”, Buldhana Road, Malkapur, Dist. Buldhana. The Bank is engaged in regular banking operations as per the RBI norms having Bank business more than 1100 cr. & having Branches in multi-districts.
Salient Features of the Bank
· Most convenient Bank Timing.[Split Hours, during morning and evening.
· Fully Computerised service in all Branches.
· Safe Deposit Lockers Faciity.
· Deposits up to Rs.5 lacs covered under DICG.
· Higher rates of Interest of 1% on TERM DEPOSITS for Senior citizen.
· Long term repayment of loans.
· Vehicle loan, Gold Loan,IVP/NSC,Ware house loans 75 % of Face value.
· CTS clearing facilities. DD, RTGS facility:All over india.
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