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Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents. Indian Overseas Bank Nagaur MICR Code is 341020002. The MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount, and a control indicator. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcodes and similar technologies, MICR characters can be read easily by humans.
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Indian Overseas Bank Nagaur IFSC Code and Other Details
Following are the details of Indian Overseas Bank - Nagaur (Rajasthan) branch.
|Bank:||Indian Overseas Bank|
|Branch IFSC Code:||IOBA0002893 (Required for RTGS & NEFT Transactions)|
|Branch MICR Code:||341020002|
|Branch Code:||Last 6 Characters in IFSC Code Represent the Branch Code|
|Branch Address:||GANDHI CHOUK,RAILWAY STATION ROAD,NAGAUR,RAJASTHAN 341001|
|Branch Contact Details:||28584896|
Other Indian Overseas Bank branch MICR codes similar to 341020002
Bank MICR Code
Magnetic Ink Character Recognition Code (MICR) is used mainly in the banking sector to make the clearance and processing of various documents easier. You might have seen the bar codes of magnetic ink printed on the bottom of many bank cheques. These are the MICRs.
MICR is used on the bottom of all the cheques in many countries including North America. The technology is pronounced as ‘My-Ker’. The use of MICR allows the information on the cheques to be read easily by inexpensive machines. In this way, a large number of cheques are easily processed daily. The American National Standards Institute (ANSI) develops all the MICR printing standards. This committee has set standards for MICR registration, fonts, toner adhesion, toner signal strength, and moisture content. Every bank branch is given a unique MICR code that eases the process of processing cheques and identification of the bank branch.
MICR is a nine-digit code. Each digit has significant information of the bank branch and the transaction. The first three digits represent the code of the city. This three-digit code indicates the location of the city in which the bank branch is present. The next three digits represent the identity of the bank, and the last three digits represent the identity of the bank branch location. The characters of MICR code have fixed width. Each digit occupies 1/8 of an inch. The digits should be positioned correctly. If the digits aren’t positioned correctly, then the machine will not be able to read certain pairs of symbols or numbers accurately.Fonts of MICR code
The E-13B font is the standard MICR code in United States, United Kingdom, Canada, Australia and other Countries. There are 14 characters of the E-13B font. There is a 0.013-inch grid used to design the font, and that’s why the font has the number ‘13’ in its name. The font also contains symbols, besides the decimal digits. The three specific symbols used in between the fonts are used for routing transit number, to delimit the amount of transaction, and to delimit the account numbers. The European countries like France, Italy, and other countries like Mexico and Brazil use the CMC-7 font.Difference between MICR and IFSC code
As mentioned earlier, MICR codes are printed at the bottom of the cheques. The ink used for printing MICR code contains iron oxide. The MICR code is passed by an MICR reader. There is an MICR read head, over which the characters are passed. Each character produces a waveform when it passes over the head. This waveform is easily identified by the system. The use of MICR code has made the cheques processing system very feasible and faster.