Maharashtra Gramin Bank IFSC code and MICR code

Get Maharashtra Gramin Bank IFSC code, MICR code, branch code and list of all Maharashtra Gramin Bank branches in India.

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IFSC Code of Maharashtra Gramin Bank Branches in India

Maharashtra Gramin Bank branches are located in the following Indian states and territories. Choose a state to view list of branches and get Maharashtra Gramin Bank IFSC codes along with the details of MICR codes, branch codes and addresses etc. In order to find Maharashtra Gramin Bank IFSC codes quickly, use our IFSC code finder tool above.

Maharashtra Gramin Bank IFSC code

Maharashtra Gramin Bank IFSC code

As technology has evolved it has made payments simpler and simpler. With the advent of the internet, instant electronic fund transfers have become the new norm. In India, the Reserve Bank of India provides electronic transfer facility to all bank customers in the country. This is through various payment protocols like the Immediate Payment System (IMPS), Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT). In order to make identification of various banks easy in this platform, the RBI has assigned each bank branch with an identification code that is known as the Indian Financial System Code or IFSC. When conducting a transfer, this code along with the bank account number is necessary. The code narrows down the bank branch where the recipient account is registered and then the account number helps us pinpoint the recipient account in this specific branch. This double check greatly reduces the scope for error in electronic transfers and ensures the money reaches the intended destination. In addition to the above the IFSC also facilitates the tracking of all electronic fund transfers by the Reserve Bank of India as part of its regulatory duties in order to identify problems in the program and observe transactional trends. The IFSC code is composed of 11-characters and is alphanumeric.

Maharashtra Gramin Bank

As a result of the Regional Rural Bank Act of 1976, the Government of India undertook the establishment of 56 Regional Rural Banks (RRBs) in various rural locations across the country. These banks were set up at the local level to provide basic banking and financial services and credit facilities to residents of rural areas. The underlying agenda was to involve the rural areas in to the economic mainstream. The areas of operation of the Regional Rural Banks was restricted to only those areas notified by the government. In addition to the provision of basic banking services, the RRB’s were also entrusted with the mandate of carrying out government operations like disbursement of wages in government employment initiatives like the MNREGA, disbursement of pensions for the old-aged and disabled. They also provide allied services like locker facilities, debit cards and credit cards. All of the Regional Rural Banks are owned by the Central Government, State Government and a sponsor bank if any.

Maharashtra Gramin Bank is one of the biggest Regional Rural Banks in operation in India. The bank was formed as a result of the amalgamation of two other RRB’s, namely the erstwhile Maharashtra Godavari Gramin Bank and the Marathwada Gramin Bank. The bank operates from its headquarters in the city of Aurangabad. Also, the Bank of Maharashtra occupies the position of Sponsor Bank for the Maharashtra Gramin Bank and contributes about 35% of the share capital. The bank today has about 391 branches in various locations of Maharshtra, primarily in the regions of Aurangabad, Beed, Latur, Nanded, Parbhani and Thane. Notably, despite the rural set-up of the bank, all of the bank’s 391 branches are completely computerized. The bank operates under the leadership of Chairman R.V. Unnam.

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