Corporation Bank ponda MICR codes are given in the table alongside. Details including address and contact numbers are also provided. From Corp Bank MICR codes list for ponda, one can further search by branch name specified in the table. You can find MICR codes for all Corporation Bank ponda branches.
Corporation Bank MICR code is a character recognition technology used by banks in the processing of cheques. Corp Bank MICR code for ponda branches includes document type indicator, bank code, cheque number, etc. This code is printed in either of the two fonts E-138 and CMC-7 using a magnetic ink or toner, usually containing iron oxide. The MICR code for Corporation Bank branches in ponda, is used to identify the bank branch to which the cheque belongs. It is used by RBI for clearance of cheques.
In manual clearing of cheques, there is a possibility of many errors and a long delay is involved. The characters of MICR code for a Corporation Bank ponda branch, sprinted 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. Thus MICR code for Corp Bank ponda branches speeds up the processing of cheque as it reduces manual effort of sorting. Use of Corporation Bank MICR codes for ponda branches, makes the characters readable even if there are other marks and stamps on it. This makes the system almost error proof!