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Vasai Vikas Sahakari Bank Ltd. commenced its business operations in 4th October 1984 and has completed 34 years of responsible and responsive banking operations. Since incorporation without any interruption, we have been awarded "A" Grade Audit Classification.
The faith and trust of the customer has made a bank to leave a benchmark for itself with high quality of services and serving the community at large. Since our inception our motto was to serve the customers from economically weaker, lower, middle and upper income classes, Small Businessman, Professionals, Small & Medium Enterprises and Corporate who can secure their financial dreams under one roof.
We are proud to inform that Our Bank has been showing Average
Growth of 20 and the Bank s total Business Mix of Rs.2672+ Crores as on 31-03-2019
which comprising Rs.1665 crore of Deposits and Rs.1007 crores of Advances.
Bank is having total 21 branches and Head Office in Palghar, Thane, Mumbai, Nasik & Aurangabad Districts having its operations in semi urban & rural areas of Maharashtra.
Bank has more than One lakh depositors in number, almost all the Branches of the Bank are having ATM facility and Bank already started Core Banking solution, RTGS/NEFT, RuPay Debit Card, POS/eCommerce, IMPS, UPI, NDS-OM / CALL / CBLO, CTS etc.
Over the years, the bank has consistently shown robust growth not only in size of Deposits and Advances but has also maintained profitability.
The position as on March 31, 2019 is as follows:
Bank’s Facilities to the customers like:
- Core Banking Solutions
- Mobile Banking (IMPS)
- IMPS Branch Banking
- Unified Payment Interface (UPI)
- RuPay Platinum Debit Card
- Mobile (SMS) Banking
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