Indian Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. Indian Bank MICR code for New Panvel 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. 400019060 is the MICR code of Indian Bank for New Panvel branch. MICR code for New Panvel 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 Indian Bank New Panvel is presented in the table alongside.
The MICR code 400019060 is used in RBI cheque clearing process to identify the branch New Panvel and Indian 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 Indian Bank is typically in either of these two font’s: E-138 and CMC-7.