The Nilambur Kovilakom represented by the Senior Raja Sri.
T.N. Manavedan Thirumulpad and 49 other members with a share capital of
Rs500/-established the bank way back in 1939 with the noble aim of allowing
the people of Nilambur to access banking facilities at a time when most
parts of the nation had yet to come to terms with development. The founding
fathers laid great emphasis to start the bank in the co-operative sector
which at that time was in an infant stage in order to encourage thrift and
provide credit among all sections of society.
The Bank started in 1939, with 50 members and capital of
Rs.500/-The bank now has grown to 29719 members and Rs.312.48 Lakhs as
share capital as on 31.03.2007.Esteemed individuals have put huge amount of
efforts to bring the bank in to such a position.
Senior Raja Sri. T.N. Manavedan
Thirumulpad of Nilambur Kovilakam was the first member of the Bank. The foremost
presidents of the bank were Sri.T.N.Veerarayan Raja, Sri. Manavikraman
Raja, Sri.T.N.kochunni Thirumulpad also of Nilambur Kovilagam and with
their outstanding performance they were able to attain the strong belief
from the people with in a short period.
After that continuously for 35 years
Sri. Poolakkal Kuttykrishnan Nair was the President of the bank and due to
aging reasons; in 1980 he kept away from administrating the bank. By the
time he was able to open branches at Wandoor and Kalikavu. He was able to
bring 17 panchayats under the bank’s area of operation area and also was
able to make the bank financially strong by this time.
After the retirement of Sri.Poolakkal
Kuttykrishnan Nair in 1980, Sri.E.P.Appukuttan Pillai was elected as the
new president and was able to form a new administration. Sri.T.N.Godavarman
Thirumulpad and Director Sri. K. Mohammed were in major role of the bank
along with Sri. Appukuttan Pillai.
Under the co-ordination of
Sri.E.P.AppukuttanPillai , in 1980 the bank’s growth was at its high and
was able to start branches at Chungatahara, Karuvarakundu, Pookkottumpadam,
Edakkara, Pandikkad, Akampadam, Edavanna and Nilambur evening Branches.
This time the bank was able to reach in a topmost position among other
urban Banks in Kerala.
Later Sri.T.N Godavarman Thirumulpad
came in power . In the period of new administration the bank opened
branches at Karulai,Edakkara evening and Wandoor Evening. Altogether the
bank have Head Office and 26 Branches fully computerized.
Now there are 155 Employees
working in the bank. The bank has now facility to issue Demand Drafts to
any state in India.
The Bank is working in profit for last
80 years and we are offering maximum Percentage of Dividend for last 80
years.All the Branches and Head Office are fully computerized
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?
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
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
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
understand the difference between IFSC and MICR
to facilitate electronic fund transfers between banks and individuals
code is to facilitate and make cheque processing more efficient.
is an 11 character alphanumeric code.
is a 9-digit code.
first four characters indicate the name of the bank.
first three digits represent the city code where the bank branch is
6 digits represent the bank branch location.
three digits indicate the code of the bank branch.