The Mehsana Urban cooperative Bank LTDĀ Profile Information

Established on 23rd October, 1983, registered under Co Operative Society Act 1961 Registration No. 20052 The RBI License No. DB/UBD GJ 357 P dt. 28/09/1983 The Bank started with one branch at Mehsana with Share Capital of Rs. 15.00 lacs, made continuous Progress as on 31/03/2014 paid up share capital is Rs. 87.07 crore.

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The Bank was given status of Scheduled Bank by Reserve Bank of India in the year 2000.

At present The Bank is providing better customer service through its CBS Available @ All 52 Branches. Branches at various centers in the state of Gujarat and Maharastra.

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NEFT – National Electronic Funds Transfer

NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc.NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.

Individuals, firms or corporates maintaining accounts with a bank branch can receive funds through the NEFT system. It is, therefore, necessary for the beneficiary to have an account with the NEFT enabled destination bank branch in the country.

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There is no restriction of centres or of any geographical area within the country. The NEFT system takes advantage of the core banking system in banks.

RTGS – Real Time Gross Settlement

The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is 2 lakh. There is no upper ceiling for RTGS transactions.

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary’s account within two hours of receiving the funds transfer message.

If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank within 2 hours. Once the amount is received by the remitting bank, it is credited to the remitter’s account by the branch concerned.

ECS – Electronic Clearing Service

ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa.

Based on the geographical location of branches covered, there are three broad categories of ECS Schemes Local ECS, Regional ECS and National ECS.

Local ECS : this is operating at 81 centres / locations across the country. At each of these ECS centres, the branch coverage is restricted to the geographical coverage of the clearing house, generally covering one city and/or satellite towns and suburbs adjoining the city.

Regional ECS : this is operating at 9 centres / locations at various parts of the country. RECS facilitates the coverage all core-banking-enabled branches in a State or group of States and can be used by institutions desirous of reaching beneficiaries within the State / group of States. The system takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location in the State, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the State / group of States.

National ECS : this is the centralized version of ECS Credit which was launched in October 2008. The Scheme is operated at Mumbai and facilitates the coverage of all core-banking enabled branches located anywhere in the country. This system too takes advantage of the core banking system in banks. Accordingly, even though the inter-bank settlement takes place centrally at one location at Mumbai, the actual customers under the Scheme may have their accounts at various bank branches across the length and breadth of the country. Banks are free to add any of their core-banking-enabled branches in NECS irrespective of their location.

BANKING CARDS (DEBIT)

Banking cards offer consumers more security, convenience, and control than any other payment method. The debit offers enormous flexibility, as well. These cards provide 1 factor authentication for secure payments e.g OTP. RuPay, Visa, MasterCard are some of the example of card payment systems. Payment cards give people the power to purchase items in stores, on the Internet, through mail-order catalogues and over the telephone. They save both customers and merchants’ time and money, and thus enable them for ease of transaction.

How to get it:
  • Provide KYC (Know Your Customer) information to open a new account
  • Apply for Card with option of Debit Card
  • Get a PIN
Service Activation:
  • 1-2 minutes
What is required for Transaction:
  • PoS terminal or online payment gateway
  • Present Card physically or card details for online transaction
  • Provide OTP (One Time Password) received on registered mobile to complete online transaction for merchant website.
  • Self-service and/or Assisted mode
Transaction Cost:
  • NIL to customer for merchant transactions.
  • 0.50% to 2.25% paid by merchant
Services Offered:
  • These cards can be used at PoS (Point of Sale) machines, ATMs, microATMs, Shops, wallets, online transactions, and for e-commerce websites.
Funds Transfer limit:
  • Rs 50,000/Day @ATM
  • Rs 1 lakh/Day @PoS (Point of Sale

For More Details Check OnlineĀ