Mumbai District Central Co-Operative Bank Ltd, is a central financing agency of all affiliated co-operative societies in Mumbai district, another name is “Mumbai Bank” and it is registered under the MCS Act in the year 1974 and has started its functioning. 12 February 1975. Mumbai Bank is catering to the financial needs of non-agricultural cooperatives such as urban cooperatives. In India, an integral part of the policies made by the cooperative movement is focused on the development of the country, the upliftment of the poor and the promotion of the principle that represents the very socio-cultural ethos of the country. The success of cooperatives largely depends on their ability to meet the challenges by converting these challenges into opportunities for growth and development in the rapidly changing liberalized economic era. Indian cooperative movement is the biggest movement ever in the world. Computerization in cooperatives is a new need of business. Operational efficiency, customer service, communication and management information systems are the four important criteria to ensure the success of a business organization. These parameters have been improved to a great extent by the Mumbai District Central Co-Operative Bank Limited with the help of Computer and Information Technology (IT). The cooperative is based on the values of self-help, self-responsibility, democracy, equality, equality and solidarity. Cooperative principles are the guidelines by which cooperatives put their values into practice. Co-operative societies in India work in almost all the important sectors i.e. agriculture, agro-processing, fertilizers, marketing, credit, dairy, spinning, handloom and handicrafts, sugar, fisheries, banking etc. Cooperatives in India have gained popularity as they have proven their ability to reach the grassroots level and strengthen the trust in cooperatives. The area of operation of some co-operative societies is limited to village, taluka, district, state or all India basis.
What is BIC ?
The BIC or Bank symbol Code (also referred to as the SWIFT address) is a unique address that in payment messages identifies exactly the bank concerned in monetary transactions. once employed in conjunction with the IBAN it identifies the bank at that the account of the beneficiary is command.
What is RTN ?
Bank routing number or routing transit number (RTN) is a nine digit number used to identify a financial institution in a transaction. Internation banks Routing Code, Bank Identifier Code (BIC) & SWIFT codes are basically the same.
What is Bank BSR Code
Basic Statistical Return (BSR) Income Tax Department's initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System).
What is MICR Code?
The Magnetic Ink Character Recognition Code (MICR) is a numeric code that uniquely identifies a Bank-Branch participating in the ECS Credit scheme. MICR code consists of 9 digits e.g 500447125
- First 3 digits represent the city (500447125)
- Next 3 digits represent the bank (500447125)
- Last 3 digits represent the branch (500447125)
The MICR Code assigned to a bank branch is written on the MICR band of cheque leaves issued by bank branches.