Thane Bharat Sahakari Bank Ltd., established in 1979, is one of the leading Co-operative
Banks in Thane district. Since the date of inception, the Bank has grown by
leaps & bounds with 30 branches, spread over Mumbai, Thane, Raigad and
Pune districts. (as on 31.03.2020)
time of inception of the Bank, i.e. in late 1970s, there were only 2
Co-operative Banks in Thane city. Thane city, being centrally situated in
the growing industrial belt on one hand, and being equidistant to western
side on Ghodbunder Road to Karjat, Kasara and also Mumbai on the other, was
developing vertically and horizontally as well, which resulted into growth
in the population belonging to all strata of the society. Naturally, a need
for another Bank was evident. Two enthusiastic persons, viz. Dr.V.N.Bedekar
and Mr.M.Y.Gokhale, along with many such likeminded senior social workers,
came up with an idea of having one more Co-operative Bank for Thane city
completing preliminary formalities, the Bank was registered with District
Co-operative Registrar on 25th September 1978. Subsequently, the first
General Body Meeting of the Bank was held on 28th October 1978 and in that
Meeting, a Team of first Board of Directors was elected. Dr.V.N.Bedekar was
elected as the Chairman and Mr.M.Y.Gokhale as Vice Chairman.
relative Reserve Bank of India (RBI) Licence for opening the Bank was
obtained on 19th April 1979 and on the auspicious day of ‘Akshaya Tritiya’,
on 29th April 1979, the Bank was inaugurated at the hands of noted
Economist of that era, Dr.V.M.Dandekar. The Bank started functioning at
spacious premises at ‘Shatataraka’, with its Administrative Office and the first
Branch viz. Main Branch. The Bank was awarded status of ‘Scheduled Bank’ on
8th March 2003.
will be interesting to know that, initially the Bank was named as the
“Bharat Sahakari Bank” Ltd., Thane. Subsequently, the name was changed to
the “Thane Bharat Sahakari Bank” Ltd. to avoid confusion in the minds of
the people, as two other banks, styled as “Bharat Co-operative Bank” and
Bharat Sahakari Bank” were also functioning at the time. Thus, the
transformation in the name from “Bharat Sahakari Bank Ltd”. Thane to “Thane
Bharat Sahakari Bank Ltd”, took place.
year 2003-04, the Bank celebrated Silver Jubilee Year. A Souvenir was
published in the Silver Jubilee year, highlighting various milestones
achieved by the Bank during its journey of 25 years.
Bank participates in many social events in Thane city, like “Nav Varsha
Shobha Yatra” (Nandi songs of which were famous / popular ) on the eve of
Gudhi Padwa and also contributes to many social events through donations,
ads and, even on few occasions it sponsors some social programmes.
The Bank is well equipped in the area of mechanization /
computerization of its services through 30 ATMs, Mobile Banking, RTGS, NEFT
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.