Bank Of India Nivali Ratnagiri Maharashtra MICR CODE

Find MICR Codes for Bank Of India Nivali Ratnagiri Maharashtra

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MICR Code	415874502
Bank	Bank Of India
Business Hours	Monday to Saturday 10 am to 4 pm
Mode Of Payment	Cash,Cheque,Demand Draft and Net banking
Branch	Nivali
Contact	2352-2352253066
Bank Details	Bank Of India Nivali BKID0VG3050

Location	Nivali, Ratnagiri
City	Nivali
District	Ratnagiri
State	Maharashtra
Pincode	415639
Country	IN
Address	A p nivali,kokaje compound,tq dist ratnagiri,pin 415639

Note: The working hours listed are generalized for all banks. Please take a note that the bank timings may vary from branch to branch. As per guidelines issued by Reserve Bank of India, banks will not be operational on 2nd and 4th Saturdays and all Sundays of a month.

How does MICR code 415874502 for Nivali branch help to speed up the cheque clearing process?

In manual clearing of cheques, many errors may occur and the whole process is quite time consuming. The MICR technology speeds up the processing of cheque as it reduces manual efforts of sorting. Thus the 415874502 of BOI, Nivali branch makes the system almost error free and faster. Use of BOI MICR codes for Nivali branch, makes the characters readable even if there are other marks and stamps on it.

A total of 1 branches of Bank Of India are available with micr code -

>>Nivali

MICR code for Bank Of India Nivali

Bank Of India MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. BOI MICR code for Nivali 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. 415874502 is the MICR code of Bank Of India for Nivali branch. MICR code for Nivali 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 BOI Nivali is presented in the table alongside.

Use of BOI MICR code for Nivali branch in nivali

The MICR code 415874502 is used in RBI cheque clearing process to identify the branch Nivali and BOI 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 Bank Of India is typically in either of these two font’s: E-138 and CMC-7.

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