LOCATE ANY BANK BRANCH IN INDIA
decade of 20th century was a very important era in the history of Co-operation
for entire country and Surat District as well. Many Co-operative institutions
were initiated during this period. First Co.op. Society in Surat District was
registered at Degam, Taluka Chikhli on 23-5-1906 (Now in Bulsar District).
In the year 1909, with the efforts of Late Shri B.A.Modi and Late Shri K.G.Desai. The Surat District Co.op.(Urban) union Ltd., was registered on 17-6-1909. It was the institution which is later on known as THE SURAT DISTRICT CO.OP. BANK LTD.
In the year 1921, this society had undertaken banking activities in absolute terms. In 1923 The Surat District Co.op. (Urban) union was converted into The Surat District Co.op. Bank Ltd., The work extended to the entire Surat District, which had 21 talukas and a vast working area with geographical variation. The coastal area which included city of Surat and towns like Navasari - Bulsar – Bilimora, the fertile flat land and sizeable tribal area with hills and dense forests.
The Vast Surat District was bifurcated in1965 and district of Bulsar was separated. At present there are 15 talukas in the Surat district, of which 9 are in the tribal area.
Bank is having separate department for agriculture advances since 1944, and become an effective central agency for Co-ordination and smooth flow of finance to Co-operative sector in the district.
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