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Bank’s
Overview
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:
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Bank’s Facilities
to the customers like:
- Core Banking Solutions
- Mobile Banking (IMPS)
- IMPS Branch Banking
- Unified Payment Interface (UPI)
- RTGS/NEFT
- 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
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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