Shamrao Vithal Bank Panvel Raigad Maharashtra MICR CODE

Find MICR Codes for Shamrao Vithal Bank Panvel Raigad 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 Panvel
Contact
Bank Details Shamrao Vithal Co-Op Bank Ltd Panvel SVCB0000138
Location Panvel, Raigad
City Panvel
District Raigad
State Maharashtra
Pincode 410206
Country IN
Address Shop no.1 to 4, sneh building, nityanand marg, panvel dist. Raigad 410206.
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 Panvel 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, Panvel branch makes the system almost error free and faster. Use of Shamrao Bank MICR codes for Panvel branch, makes the characters readable even if there are other marks and stamps on it.

A total of 2 branches of Shamrao Vithal Co-Op Bank Ltd are available with micr code -

>>Chiplun Urban Bank Panvel >>Panvel

MICR code for Shamrao Vithal Bank Panvel

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 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. 0 is the MICR code of SVC Bank for Panvel branch. MICR code for 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 Shamrao Bank Panvel is presented in the table alongside.

Use of Shamrao Bank MICR code for Panvel branch in panvel

The MICR code 0 is used in RBI cheque clearing process to identify the branch Panvel 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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