LOCATE ANY BANK BRANCH IN INDIA
Bank’s Overview and History
November 2013, The Zoroastrian
Co-operative Bank Ltd. achieved the status of a Multi- State Scheduled
Co-operative Bank and its area of operations now stands extended to the whole
of Surat District, Bharuch, Baroda, Anand, Nadiad, Ahmedabad, Navsari and
Valsad in the State of Gujarat. Over the years it has built up a brand loyalty
amongst its customers and is known as The Bank that is Big on Tradition
Under the stewardship of its Chairperson, ably supported by the illustrious Members on its Board of Directors, the financial results reflected make interesting reading. From humble beginnings in 1927, the Bank maintained a low profile in the community of Bankers until 1993, and since then the Bank has not looked back. The growth in business has been manifold under various heads of business. As on March 31, 2019 business mix stands at Rs.1773.67 Cr. Yearly Profit before Tax (audited) and before provisions stands at Rs.19.59 Cr. Also, Capital adequacy is reflected at 17.56% as against the 9% requirement by Reserve Bank of India. A noteworthy aspect of the Bank s financial results is that its net non-performing assets are zero unlike the adverse trend in the banking industry. The Bank continues its policy of carefully selecting its advances with good quality assets. Besides offering all the retail loan products to individuals, the Bank is very aggressive on Corporate Lending & has reputed Corporate clients in diverse fields of manufacturing, shipping, services, etc.
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