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Bank’s
Overview History
has kept its footmark in every fabric of evolution of The West
Bengal State Cooperative Bank Ltd.
What not
in the evolution path of this bank- the distress of farmers in
Pre-Independence days, wound of partition of India and the impact of
reorganization of states after Independence. In
pre-Independence day on 19th. February, 1918 a Cooperative society in the
name of “Bengal Provincial Cooperative
Federation Ltd.” was registered under Cooperative Societies Act – II
of 1912. The primary object of the Federation was to supply sufficient
capital to the member Central Cooperative Bank so that they can assist and
develop the farmer-members of Primary Societies. The area of operation of the
Federation extended over whole of the then Bengal. The Federation was
converted into Bankand named “The
Bengal Provincial Cooperative Bank Ltd” in 1923. After Partition of India
the name of the Bank was changed to The
West Bengal Provincial Cooperative Bank Ltd. Another historic event
came in the evolution of the Bank _ provinces were converted into states and
the name of the Bank was then changed to The West Bengal State Cooperative Bank Ltd. in 1964. On
2nd July 1966 The West Bengal State
Cooperative Bank Ltd. was enlisted in the Second Schedule of Reserved
Bank of India i.e since then the Bank is considered as scheduled Bank. During
Second Five year Plan in 1956-57 Cooperative Development Programme was
adopted in West Bengal. One of the Schemes of this programme was
“Re-Organization & Rehabilitation of Central Cooperative Banks”. As per
advice of Reserve Bank of India it was decided that 15 Central Cooperative Banks
in 15 Districts with one Bank in each district and another 2 Banks with one
in each Big District of 24 Parganas and Midnapore would be formed. In 1971-72
the total number of Central Bank was 21. Subsequently banksin the districts
of Coochbehar and 24 Parganas were amalgamated with The West Bengal State
Cooperative Bank Ltd. Today there are 17 Central Cooperative Banks in West
Bengal. Three Regional Offices of The West Bengal State Cooperative Bank are
working in Coochbehar, Barasat in the district of 24 Parganas (North) and
Diamond Harbour in the district of 24 Parganas (South). All the 17 Central
Cooperative Banks are members of The
West Bengal State Cooperative Bank Ltd. |
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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