For instance, in the MICR code 400240019, 400 denotes Mumbai, 240 denotes HDFC Bank Ltd and 019 denotes the branch of the bank located in Apollo Bunder, Mumbai. What’s my significance ...

A MICR-cheque has seven characteristics including microprint, erasable ink, chemical sensitivity and MICR code line. But MICR-encoded cheque alone could not stop frauds.

As per RBI Annual Report 2017, the volume of paper clearing (cheques with CTS, MICR, Non-MICR) stands at a staggering 1,206 million instruments, transacting over ₹80,958 billion in 2016-2017.

Additionally, a string of 20 random characters will be added on the MICR (Magnetic ink character recognition) band of the cheque leaf using non-MICR ink. The MICR band, is a character-recognition ...

Additionally, a string of 20 random characters will be added on the MICR (Magnetic ink character recognition) band of the cheque leaf using non-MICR ink.

When the cheque is presented, the QR code will be read from the cheque leaf along with MICR details and passed to the ChequeChain system for validation against the unique HASH.

This story is from October 2, 2001 Banks struggle with new cheque regime Mohit Dubey / TNN / Oct 2, 2001, 03:21 IST AA Follow us ...