Axis Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. Axis Bank MICR code for Laxmi Sahakari Bank Niyamit is a 9 digit code, in which first 3 digit represents the city code, next 3 digit to bank code and later 3 digit to branch code. 587831501 is the MICR code of Axis Bank for Laxmi Sahakari Bank Niyamit branch. MICR code for Laxmi Sahakari Bank Niyamit branch includes document type indicator, bank code, cheque number, etc. When a cheque goes for clearing, this code is read by a magnetic reader and then automatically sorted. MICR code for Axis Bank Laxmi Sahakari Bank Niyamit is presented in the table alongside.
The MICR code 587831501 is used in RBI cheque clearing process to identify the branch Laxmi Sahakari Bank Niyamit and Axis Bank bank for clearing processes. The MICR characters, which are printed using magnetic ink, are passed before a MICR reader. Initially the ink gets magnetized and when it is read, each character produces a unique waveform which can be easily identified. MICR code of Axis Bank is typically in either of these two font’s: E-138 and CMC-7.