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The
Tamil Nadu State Apex Co-operative Bank Ltd., commenced its business
during November 1905 as an Urban Coop. Bank. It was subsequently changed
into a District Central Coop. Bank during July 1920. At present, the Bank
is functioning at Chennai with 44 branches, an Extension Counter and H.O.
TNSC Bank is guiding the Dist. Central Coop. Banks / Primary Agricultural
Coop. Banks in their functioning and it is playing a major role in the
coop. movement of Tamil Nadu. TNSC Bank was formed in the year in which the
coop. movement of Tamil Nadu was formed. As such, the Bank has been serving
the people of Tamil Nadu for a centenary for their economic development. As
far as Indian coop. movement is concerned, the Bank has commenced its
business from the very next year of the formation of coop. movement in
India. TNSC Bank is the first ever State Coop. Bank having the credit of
celebrating the centenary year. TNSC Bank has got the licence of Reserve
Bank of India to carry on the banking business. TNSC Bank is a Scheduled
Coop. Bank and has been listed under the Second Schedule of RBI Act. TNSC
Bank is a member of the Deposit Insurance and Credit Guarantee Corporation
(DICGC) and is an insured coop. bank as per DICGC Act. TNSC Bank has got
the privilege of having its share capital by the Government of Tamil Nadu.
TNSC Bank has been under close supervision and monitoring of the higher
financing agencies, viz., RBI, NABARD. Periodical inspection and
supervision are done by NABARD as per RBI guidelines.
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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