LOCATE ANY BANK BRANCH IN INDIA
A total of 26 branches plus a service branch that equals to 27 branches are present at this moment. There are branches shortly opening at Sangali, Malegaon, Aurangabad, Kolhapur, Bandra – Mumbai, Kalyan etc.
Proper and adequate steps have been taken by the bank management for getting status of multi state bank. The initial share capital was Rs 2665/-, and there were only 25 members.
Nominal Members – 5000
Total Depositors – 2,00,000
A total of 10;000 members avail the loan facility i.e. 30%
Total Investment – Rs 210 crores
The bank is run by AWAMI MAHAZ Social organization, which is headed by Mr. P.A. Inamdar.
The bank participates in social events like Chhatrapati Shivaji Maharaj Jayanti, Bharat Ratna, Dr. Babasaheb Ambedkar Jayanti, Marathi Sahitya Sammelan, Pune Ganesh Festival, etc
Educational Field – Formed Golden Jubilee Education Trust 27 years ago. Today more than 500 students are getting technical education at said institute. Till now more than thousand students passed and got jobs in various fields or they are doing their own business.
The CRAR is 25.34% whereas minimum required is 9%
Bank has been honoured NABARD. NABARD, last year sent a 15 members Malaysian Delegate, to the bank, to show them how perfect and admirable bank management run by the bank.
The complete staff is graduates or post graduates. Even the peons are graduates or under graduates. The bank offers best salary to staff members in co-operative banks field. Every alternate year there is a picnic organized for all the staff members. The Muslim Bank is the only bank which has sent all its staff members to New Delhi and Kashmir by flight for enjoyment. The bank provides school facility for the staff children and even provides financial assistance for medical treatment for staff members and their family members. Subsidy given to staff members for the purchase of computers and laptops.
CORE BANKING FACILITY,ATM,RTGS,NEFT,IMPS,Mobile App has already been started . Prominent personalities like UPA Chairperson Sonia Gandhi, Ex vice President late Mr. K.B. Hidyatulla, Ex Union Cabinet Minister Mr. Sharad Pawar, Ex Union Cabinet Minister Mr. Vilasrao Deshmukh, Ex Union Minister Shri Sushil Kumar Shinde and Ex State Deputy Chief Minister Shri Ajit Pawar, etc visited our bank.
The bank is keen on providing loan facility to lower middle class for the purchase of auto rickshaw, hypo goods loan facility for small traders. Housing/shop loan, consumer durables, education loan facilityfor educational institutes, big business houses i.e. builders, IT sector, etc.
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