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MICR (Magnetic Ink Character Recognition) CLEARING

Introduced in 1987 in the four Metros, the MICR Clearing is now in operation in 14 centres (HYDERABAD, BANGLORE, AHMEDABAD, KANPUR, JAIPUR, NAGPUR, BARODA, PUNE, GAUHATI, TRIVANDRUM) and is proposed to be extended to a total of 22 centres where volume of clearing transactions is large. The cheque leaves used in these centres are pre-printed with the bank-branch code and account type in MICR strip, while the amount is read manually and fed into the system using the Encoders by bank branches. Use of high-speed readers and sorters at Service Branches of member banks and the National Clearing Centres at Metros / Clearing Houses ensures that the clearing work is speeded up.


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