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MICR (Magnetic Ink Character Recognition) code is a system used to process cheques by reading the information printed on them. Each bank branch is assigned a unique MICR code, which helps in identifying the bank and the branch where the cheque was issued.
The MICR code consists of nine digits, which are printed at the bottom of the cheque leaf. The first three digits represent the city code, which indicates the location of the bank branch. The next three digits represent the bank code, which identifies the bank. The last three digits represent the branch code, which specifies the branch of the bank.
MICR code is an important component of the banking system as it helps in the fast and accurate processing of cheques. It is also used for other purposes, such as processing demand drafts, online fund transfers, and other banking transactions.
What is difference between IFSC and MICR code
To find the MICR code of a bank branch, one can check the bottom of the cheque leaf, the passbook, or the bank’s website. It is important to provide the correct MICR code while making transactions, as any errors can lead to delays or rejection of the transaction.
In India, the Reserve Bank of India (RBI) is responsible for regulating the use of MICR code. The RBI sets the standards for the MICR code and ensures that all banks adhere to these standards.
MICR (Magnetic Ink Character Recognition) code is a 9-digit code that is used for processing cheques. Each bank branch has a unique MICR code.
The MICR code of Indian Bank can be found on the bottom of the cheque leaf or on the passbook. It can also be obtained by contacting the bank’s customer care or by visiting the bank’s official website.
The first three digits of the MICR code represent the city code where the bank branch is located. The next three digits represent the bank code, and the last three digits represent the branch code.
It is important to provide the correct MICR code while making transactions, as any error can lead to delays or rejection of the transaction.
MICR (Magnetic Ink Character Recognition) code and IFSC (Indian Financial System Code) are two important codes used in the Indian banking system. MICR code is used for processing cheques, while IFSC code is used for electronic fund transfers.
The MICR code is a 9-digit code printed at the bottom of the cheque leaf. It helps in identifying the bank and the branch where the cheque was issued. The first three digits of the MICR code represent the city code, the next three digits represent the bank code, and the last three digits represent the branch code.