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Bank’s
Overview
The Nainital Bank Limited (NTB) (known as Nainital Bank) is a scheduled commercial bank founded
in 1922. The bank is a subsidiary of Bank of Baroda. The bank has
expanded to Uttar Pradesh and Uttarakhand, and
has over 139 branches in Rajasthan, Delhi and Haryana. It
has become TTC (Ten Thousand Crore) Company and aims to be most customer
centric bank of India, it is listed as a scheduled
bank by the Reserve Bank of India.
Nainital
Bank was founded by Govind Ballabh Pant. In 1975, the
government-owned Bank of Baroda (BOB), the second largest bank in
India, acquired a 98.6% (around 99%) stake in the bank and made it a
subsidiary
In April
2004, National Insurance Company (NIC) signed an agreement with
Nainital Bank for distribution of its general insurance products through the
bank s branches across Uttarakhand, Haryana and New Delhi states. The bank
had a net worth of around Rs 1.12 billion on as on 31 March 2006. It
bank launched its rights issue in September 2009, to expand
its capital adequacy ratio (CAR) to 14 per cent, this came after it
previously withdrew its plans for an IPO due to adverse market
conditions in 2007; by April 2010, the right issue had raised ₹300
million (US$4.2 million).
Nainital
bank is associated with Bank of Baroda, HDFC Bank, LIC, National
Insurance Company Limited etc. Currently, NBL has 142 branches in
Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan. It also
provide online facilities, apart from Personal Banking, Business Banking,
Rural and Agricultural Banking. The Nainital Bank Limited is registered as
scheduled commercial bank with Reserve Bank of India (RBI),
the central bank of India.
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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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IFSC Code
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MICR Code
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Used
to facilitate electronic fund transfers between banks and individuals
in India.
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MICR
code is to facilitate and make cheque processing more efficient.
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IFSC
is an 11 character alphanumeric code.
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MICR
is a 9-digit code.
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The
first four characters indicate the name of the bank.
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The
first three digits represent the city code where the bank branch is
located.
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Last
6 digits represent the bank branch location.
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Last
three digits indicate the code of the bank branch.
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