Odisha State Cooperative Bank (OSCB) is one of the Scheduled State Cooperative Banks
incorporated under the Orissa Cooperative Societies Act on 2nd April, 1948.
Since its inception, the Bank has been playing a pivotal role in
transforming the agrarian economy of the State by catering to the credit
requirement of the farm families. The Bank leads the Short Term Cooperative
Credit Structure (STCCS) in Odisha comprising 2709 PACS (including 212
LAMPS and 6 FSS) at the grassroots level, 17 District Central Cooperative
Banks (with 323 Branches) at the middle tier. The Bank has facilitated
enrollment of 53.69 lakh agricultural families from out of about 55 lakh
agricultural families in the State covering 97.6% of the families. As a
State partnered Bank, the OSCB has been implementing various plans and
programmes of the State Government meant for agriculture production and
productivity with rural development. The Bank has a network of 14 Branches
spread across the State and it has been supporting the Central Cooperative
Banks with its 323 Branches to consolidate the Short Term Cooperative
Credit Structure. The PACS are also being transformed as One Stop Shop to
provide all the requirements of the farm families under one roof. The Bank
has also facilitated organization and credit linkage of Self Help Groups
(SHGs) and Joint Liability Groups (JLGs) to meet the credit requirements of
the sharecroppers and oral lessees.
The Bank has firm commitment to the prosperity of the
State by way of providing credit for capital formation through Medium Term
and Long Term loans for agriculture. Keeping in view the credit requirement
of the large number of handloom weavers, rural artisans, adequate credit
have been sanctioned in favour of the Primary Weavers Cooperative Societies
and artisan members of the PACS.
The Bank has established a State-of-the-Art Core Banking
Data Management Centre in its Head Office premises and linked all the
Branches of DCCBs to the Data Centre alongwith its functional units as a
part of the Core Banking Solution (CBS) being assisted by the State
Government. The Bank has been earning profit since its inception.
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.