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The Bank was registered under the Co-operative Societies Act in the year 1952 and started functioning from April, 1953....
The late Shri B.K. Patel, I.C.S., Ex. Municipal Commissioner, was the principal architect of this Institution which he founded in 1952. Shri Patel with his high sense of public service gathered around him a band of selfless Municipal employees and convinced them that through Co-operative effort Municipal employees could help not only themselves and others in financial difficulties, but could also educate and help them in building up credit
Thus inspired by lofty ideals for the betterment of the economic and material well-being of the Civic employees, the Bank was launched with the modest beginning.
OBJECTS for which the Bank is established are :-
To have one financially sound and stable Central Credit Organisation of all Municipal employees instead of several small Wards and Departmental Credit Societies, on starting of the Bank, many Societies were amalgamated with the Bank.
To undertake Banking business and to open Branch Offices in Greater Mumbai with the object of inculcating the habit of Banking and thrift in the Municipal employees and make banking facilities available for the purpose and on the other hand to give ancillary banking services to the Corporation
1953 TO 2019 :-
The Bank functioned as Primary Credit Society
From 1960 onwards the Bank, undertook and developed the Banking business.
It has 22 branches, situated at, Fort, CST, Marine Lines, Girgaon, Nanachowk, Parel, Ghatkopar, Mulund, Bandra, Byculla, Deonar, Chembur, G/South, L.T.M.G. Hospital, Andheri (W), B.Y.L. Nair Hospital, Kandivali, Borivali, G/North, Andheri (E), Bhandup (W),Goregaon and Head Office at P. D mello Road, Fort.
Bank has started ATM facility in Ten branches those are Mulund T ward, Sion, Byculla, Bandra, Parel, Nair hospital,Borivali,Worli Hub (Offsite ATM), Kapurbavdi (offsite ATM), Chembur. Bank became member of NPCI for their NFS s "RuPay Card" for accessing RuPay member Banks ATMs all over India from May 2013. Rupay ATM card now can use as Debit card on POS machine.
Bank has started SMS alert facility to Depositors
The Bank comes under the purview of the Banking Regulation Act.
The Bank has collected Rs. 103501 lacs from Bank’s Shareholders in the form of Compulsory Deposit payable on retirement from the Municipal Services or resignation of the membership of the Bank.
Four Directors nominated by The Municipal Commissioner constitute stabilising factors in the Management. Likewise the Municipal Commissioner, Addl. Municipal Commissioner/Dy.Municipal Commissioners respectively lend prestige to the Bank and they hold corrective influence on the Board and the General Body..
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