Abhyudaya Cooperative Bank Limited

The two most popular systems of money transfer are NEFT and RTGS which made banking service very easy in multiple ways. Reserve Bank of India (RBI) introduced these two systems for development of banking service by rendering quick, safer, economic and efficient fund transfer from one bank to another. The customers of Abhyudaya Bank also have the facilities of NEFT and RTGS to pay and receive the money of all the bank branches in our country. Transfer of funds to all bank branches is possible through NEFT and RTGS with a unique code known as the IFSC code.

The Reserve Bank of India allotted a special and unique character known as IFSC code that contains 11 digits which are in alphanumeric. For example, the IFSC code of Abhyudaya Co-operative Credit Society Limited located in Pune on Laxmi Road is ABHY0065103. This code is divided into 3 parts. The first 4 digits ABHY are alphabets in capital letters which represent the bank name Abhyudaya Co-operative Credit Society Limited. The fifth digit is 0 (Zero) which in numeric provided for future use. The last six digits of this bank is 065103 which is a numeric that helps to identify the branch name located at Pune on Laxmi Road. The IFSC code is very essential for any online transactions like NEFT, RTGS, IMPS etc.

Easy way to find IFSC and MICR codes for Abhyudaya Co-operative Bank?

The account holder of Abhyudaya Co-operative Credit Society Limited can easily find the IFSC and MICR code in their bank passbook which is printed on the front page. The customers having cheque facilities can find both codes printed on the cheque leaf. IFSC code is printed on the top of the cheque leaf and found below the address field which is printed in a box. MICR code is printed at the bottom of the cheque leaf which is found in the middle next to the cheque number. If the customer doesn't have a passbook and cheque leaf, they can reach the nearest bank branch and get the details by providing the account number and bank branch name.

IFSC and MICR code can be searched online

The customers of Abhuydaya Co-operative Bank can find IFSC and MICR codes on their bank website or in private websites. It is very easy to find these codes by providing input information or filling details asked in the column like bank name, state, district and bank branch name. After providing all details the account holder can find the IFSC and MICR code displayed in the monitor. The website also provides a list of bank names, states, districts and branch names along with its address. The customers can select the details provided in the lists and get the details of IFSC and MICR codes in a few seconds.

Abhyudaya Cooperative Bank Limited Branch Details

• Gujarat

• Karnataka

• Maharashtra

ABOUT ABHYUDAYA CO-OPERATIVE BANK

A group of voluntary social workers and labour movement activists with the spirit of rendering service to the mill and other industrial workers started Abhyudaya Co-operative Credit Society Limited in 1964 with share capital of Rs. 5,000. The workers belonging to economically weaker sections of the society are neglected by the upper class. During that time, the lower income industrial labour and lower middle class people populated the surroundings of Kalachowki, Sewri and Parel. So, the social workers and activists helped the people by starting this credit society. In a short period of time, the Abhyudaya Co-operative Credit Society Limited was upgraded as Urban Co-operative Bank. In June 1965, Abhyudaya Co-operative Credit Society Limited was converted into Abhyudaya Co-operative Bank Limited with the motto of 'Prosperity through Co-operation'.

DEVELOPEMENT OF ABHYUDAYA CO-OPERATIVE BANK

In September 1988, Reserve Bank of India conferred this bank as Scheduled Bank Status. After rendering banking service for 51 years, the bank become one of the leading Urban Co-operative Bank in the country with branches in cities like Mumbai, Navi Mumbai, Pune, Thane, Raigad, Nagpur, Nashik, Nanded, Kankavali, Aurangabad, Ahmednagar & Pen in Maharashtra State, Vadodara and Ahmedabad in Gujarat State, Udupi and Mangalore in Karnataka State.

On 11th January, 2007 the Bank was registered as a Multi-State Co-op. Bank by the Central Registrar, New Delhi. The bank confined its operation in three states namely, Maharashtra, Gujarat and Karnataka. After the merger of Shree Krishna Sahakari Bank Ltd., Vadodara, Gujarat State, Janatha Co-op. Bank Ltd., Udupi, Karnataka State and Manekchowk Co-op. Bank Ltd., Ahmedabad, Gujarat State is more effective.

Vision

Abhyudaya Co-operative Bank Limited is excellence in all directions by the vision that provides overarching inspiration, the values to guide taught and action, vitality that embarks on strategy formation and execution. The distinctive amalgam of the Vision, Values and Vitality realized the immense potential of this bank.

Mission

The bank plans to serve continuously by introducing new products and services that meet the quality, performance and aspirations of the vast customers. The bank maintains the highest standards of ethics and societal responsibilities, constantly innovate products and processes to take the bank to excellence.

Growth and Strength

The bank has more than 2,23,000 members and more than 17,30,000 depositors as on 31 March 2020. The bank has a turnover of Rs.17,492crore (including bank deposits Rs.10,838 crores and advances Rs.6,654 crores) as on 31 March 2020. It also maintains a ratio of CASA deposits as high as 37.55 %. The strength of the bank has paid up capital and reserves and provisions for Rs.1,380crores and investments for Rs.3,508 crores. It maintains a Capital Adequacy Ratio as high as 12.60 %.

Product and Service

• The bank has launched a website for easy accessibility of several products and services to its customers. It also implemented Core Banking Solution (CBS) technology which offers Any Branch Banking Service to the customers. This bank offers Abhyudaya Mobile Banking Service that helps the customer to involve themselves in banking transactions like Intra, Inter and IMPS Fund Transfer. The account holder can check their balance amount and get a mini statement, cheque request and host of services through mobile banking service. It also offers AbhyudayaRuPay Debit Card for cash withdrawls, mini statement, balanceenquirey and sale terminals for merchant transactions.
• The bank provides all types of Foreign Exchange and Money Transfer Services such as MoneyGram and Xpress Money. It also offers Tele-banking and Internet Banking services which helps the customers to get monthly statement through emai. The bank installed cash deposit machines at New Panvel, Vashi& Nehru Nagar, subsequently Bank will install Cash Deposit Machines at other Branches.
• The Bank implemented Pradhan Mantri Jan-DhanYojana (PMJDY) for achieving the national objective of Financial Inclusion & providing banking services to common man.
• It launched Pradhan MantriJeevanjyotiBimaYojana - (PMJBY) & Pradhan MantriSurakshaBimaYojana - (PMSBY). Bank has registered with CPSMS (Central Planned Scheme Monitoring System) for providing subsidies to the customers through AADHAAR based Direct Cash Transfer Benefits.RBI Schemes such as RTGS, NACH, NEFT, Speed Clearing etc are implemented and taken the corporate Agency of LIC of India, The New India Assurance Co. Ltd. and Religare Health Insurance to provide all types of policies available at all its branches.

Awards and Pizes

• The Bank has won the prestigious IDRBT Banking Technology Excellence Award for the year 2014-15 for 'Best IT enabled Co- operative Bank' Award.
• It also won Lokmat Corporate Excellence Award for Brand Excellence in Banking.

Long Term Perspective

The continuous developments and competition the bank proposes to become a full fledged financial service provider, fulfilling requirements of customers and other stakeholders by providing all allied services, as permitted by the regulatory authorities. It has adopted advanced technology for providing faster and convenient services to its customers. These major long term proposals will enable the bank to increase its market share and better fulfillment of expectations of all the stakeholders.

Bank branch and ATM Services

• Out of 111 branches, 59 branches are rendering all seven days a week service to the customers. The customers are free to operate on other banks ATMs through NFS Network of more than 2,22,000 ATMs and transact from 114 ATM machines installed by this bank. Bank is also offering Demat, Pan Card Facility, & Online Tax Payment Services through the network of its branches.
• The bank has its own fully equipped staff training college at Vashi premises whereby the talent of the staff members and officials are groomed to make them competitive to face the challenges in the Banking Sector.
• The bank started a financial Literacy Cell, at Vashi under its customer's education initiatives with an intention of providing better customer service. The bank has taken various steps such as introduction of toll free number (1800-22-3131) for the convenience of the customer to get all information pertaining to the products & services of the bank. It also offered missed call facility for balance enquiry on Toll Free number (1800-313-5235).