Co-operative Bank Limited (Earlier known as The Shamrao Vithal Co-operative
Bank Ltd.) was founded when co-operation
was just beginning to gain ground in the country. It was set up with the
primary objective of assisting the less fortunate members of the community
in its economic enterprises, to encourage savings and to create funds for
providing financial aid to deserving members.
Late Rao Bahadur Shripad Subbarao
Talmaki, the Maharshi of Co-operation, was the main architect of the Bank
and he named it after Late Shamrao Vithal Kaikini, who was his main guiding
force and Guru. The Bank was originally registered as a Co-operative
Credit Society on 27th December 1906.
Thus inspired by lofty ideals for the
betterment of the economic, moral and material well-being of the Community,
the Bank was brought into existence with modest beginnings.
Fixed Deposits, Savings Bank Deposits and Cumulative
Deposits Scheme introduced in 1907.
First Co-operative Stores in 1910.
Facilities for remittance by Draft made available to Members
Education Fund in 1911.
Cash Credit Loan Scheme in 1913.
First Co-operative Housing Society in Bombay in 1915.
Fidelity Guarantee Fund in 1927.
Distress Relief Fund in 1931.
Staff Gratuity Fund in 1954.
Facilities thrown open to all communities in 1956.
Introduction of Safe Deposit Vaults in 1964.
Industrial Financing in 1966.
Introduction of Cash Certificates in 1975.
"Scheduled Bank Status" conferred on the Bank in
Deposits cross 13000 crores in FY 2016.
Setting up of Corporate Office - SVC Tower at Vakola in
Implementation of Genius I Core Banking Solution in 2003
across all the branches.
SVC Bank is offered AD-I License in 2007.
SVC Bank is permitted to sell Core Banking software services
to smaller co-operative Banks.
1st Software sale successful in 2006.
SVC Bank crosses Software sales services to 25 Banks in
SVC Bank opened its 198th Branch at Majaswadi, Mumbai.
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.