Ratnakar Bank Indore Indore Madhya Pradesh MICR CODE

Find MICR Codes for Ratnakar Bank Indore Indore Madhya Pradesh

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MICR Code	-NA-
Bank	Ratnakar Bank Ltd
Business Hours	Monday to Saturday 10 am to 4 pm
Mode Of Payment	Cash,Cheque,Demand Draft and Net banking
Branch	Indore
Contact	9833666862
Bank Details	Ratnakar Bank Ltd Indore RATN0000164

Location	Indore, Indore
City	Indore
District	Indore
State	Madhya Pradesh
Pincode	452001
Country	IN
Address	The ratnakar bank ltd,shop no.3, ground floor, the grace, plot no. 1&2, kibe compound, indore-452001

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 0 for 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 0 of Ratnakar Bank, Indore branch makes the system almost error free and faster. Use of Ratnakar Bank MICR codes for Indore branch, makes the characters readable even if there are other marks and stamps on it.

A total of 2 branches of Ratnakar Bank Ltd are available with micr code -

>>Indore >>Vijay Nagar Indore

MICR code for Ratnakar Bank Indore

Ratnakar Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. Ratnakar Bank MICR code for 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. 0 is the MICR code of Ratnakar Bank for Indore branch. MICR code for 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 Ratnakar Bank Indore is presented in the table alongside.

Use of Ratnakar Bank MICR code for Indore branch in indore

The MICR code 0 is used in RBI cheque clearing process to identify the branch Indore and Ratnakar 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 Ratnakar Bank is typically in either of these two font’s: E-138 and CMC-7.

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