IDBI Indore Indore Madhya Pradesh MICR CODE

Find MICR Codes for IDBI Indore Indore Madhya Pradesh

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MICR Code
Bank Idbi Bank Ltd
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Goyal Nagar Indore
Contact
Bank Details Idbi Bank Ltd Goyal Nagar Indore IBKL0001321
Location Indore, Indore
City Indore
District Indore
State Madhya Pradesh
Pincode 452012
Country IN
Address Plot no 465 , goyal nagar , near shakuntala hospital , ring road service lane , indore , m.p.-452012
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 452259011 for Goyal Nagar Indore 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 452259011 of IDBI Bank, Goyal Nagar Indore branch makes the system almost error free and faster. Use of IDBI Bank MICR codes for Goyal Nagar Indore branch, makes the characters readable even if there are other marks and stamps on it.

MICR code for IDBI Goyal Nagar Indore

IDBI MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. IDBI Bank MICR code for Goyal Nagar Indore 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. 452259011 is the MICR code of IDBI for Goyal Nagar Indore branch. MICR code for Goyal Nagar Indore 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 IDBI Bank Goyal Nagar Indore is presented in the table alongside.

Use of IDBI Bank MICR code for Goyal Nagar Indore branch in indore

The MICR code 452259011 is used in RBI cheque clearing process to identify the branch Goyal Nagar Indore and IDBI 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 IDBI is typically in either of these two font’s: E-138 and CMC-7.

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