LOCATE ANY BANK BRANCH IN INDIA
The Mumbai District Central Co-operative Bank Ltd. is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975. Since there is no agriculture production in this District, MUMBAI BANK is catering to the financial needs of non agricultural co-operative societies such as Urban co-op. banks, Urban co-op. credit societies, Employees co-op. credit societies, Housing co-op. societies, Co-op. consumers stores, Industrial, fisheries and labour co-op. societies etc.
In India, an integral part of the policies formed by the Co-operative movement is focused on the development of the country, upliftment of poor and propagation of principle which represents the very socio-cultural ethos of the country. Co-operative movement has enabled us to develop the economy and to bring social change at large. The success of the co-operative depends largely on their ability to face the challenges by converting these challenges into opportunities of growth and development in the fast changing liberalized economic era. The Indian co-operative movement is so far the largest movement in the world. In India co-operatives operate in almost all important sectors i.e. agricultural, agro-processing, fertiliser, marketing, credit, dairies, spinning, handloom and handicrafts, sugar, fisheries, banking, etc.
In India co-operatives have gained popularity because they have proven capabilities to reach at the grass root level and have strengthen the faith in co-operatives. The area of operation of some of the co-operatives is limited to village, taluka, district, state or all India basis. Computerization is a new need of business in co-operatives. Operational efficiency, customer service, communication & management information system are the four important parameters to ensure success of business organization. These parameters are improved to a great extent with the help of computers and information technology (IT) by The Mumbai District Central Co-operative Bank Limited. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. The co-operative principles are the guidelines by which co-operatives put their values into practice. The International Co-operative Alliance (ICA) in its centennial conference held in Manchester in September 1995 approved and adopted seven basic principles of Co-operation.
A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs through a jointly owned and democratically controlled enterprise. There is three tier co-operative credit structure in the state of Maharashtra. The Maharashtra State Co-operative Bank is the Apex institution working at the state level whereas the district central co-operative banks are working at district level. These district central co-operative banks are catering to the financial needs of primary co-operatives in the concerned district. These banks are playing vital role particularly in providing financial assistance for agriculture as well as non-agricultural cooperative sector through member co-operatives. District Central Co-operatives are also acting as a balancing centre of surplus funds of all primary co-operatives in the district..
We appeal to all co-operatives and corporations to come forward and avail financial assistance from our bank for the socio- economic Development of the people in greater Mumbai and Maharashtra.
· Voluntary and Open Membership
· Democratic Member Control
· Member Economic participation & Control
· Autonomy & Independence
· Education, Training & Information
· Co-operation among Co-operation
· Concern for Community
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