Shamrao Vithal Bank Mumbai Mumbai Maharashtra MICR CODE

Find MICR Codes for Shamrao Vithal Bank Mumbai Mumbai Maharashtra

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MICR Code
Bank Shamrao Vithal Co-Op Bank Ltd
Business Hours
Mode Of Payment Cash,Cheque,Demand Draft and Net banking
Branch Akola
Contact 0724)2490348 \(0724)2490349
Bank Details Shamrao Vithal Co-Op Bank Ltd Akola SVCB0000166
Location Mumbai, Mumbai
City Mumbai
District Mumbai
State Maharashtra
Pincode 444005
Country IN
Address Ground floor,nakshatra complex,nazul plot no 5,jathar peth,akola-444005
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 Akola 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 Shamrao Bank, Akola branch makes the system almost error free and faster. Use of Shamrao Bank MICR codes for Akola branch, makes the characters readable even if there are other marks and stamps on it.

MICR code for Shamrao Vithal Bank Akola

Shamrao Vithal Bank MICR (Magnetic Ink Character Recognition) code is a machine readable code used for processing and clearance of cheques. Shamrao Bank MICR code for Akola 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 SVC Bank for Akola branch. MICR code for Akola 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 Shamrao Bank Akola is presented in the table alongside.

Use of Shamrao Bank MICR code for Akola branch in mumbai

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

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