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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
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