Industrial Bank Of Korea new delhi MICR codes are given in the table alongside. Details including address and contact numbers are also provided. From IBK MICR codes list for new delhi, one can further search by branch name specified in the table. You can find MICR codes for all Industrial Bank Of Korea new delhi branches.
Industrial Bank Of Korea MICR code is a character recognition technology used by banks in the processing of cheques. IBK MICR code for new delhi branches includes document type indicator, bank code, cheque number, etc. This code is printed in either of the two fonts E-138 and CMC-7 using a magnetic ink or toner, usually containing iron oxide. The MICR code for IBK branches in new delhi, is used to identify the bank branch to which the cheque belongs. It is used by RBI for clearance of cheques.
In manual clearing of cheques, there is a possibility of many errors and a long delay is involved. The characters of MICR code for a Industrial Bank Of Korea new delhi branch, sprinted 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. Thus MICR code for IBK new delhi branches speeds up the processing of cheque as it reduces manual effort of sorting. Use of IBK MICR codes for new delhi branches, makes the characters readable even if there are other marks and stamps on it. This makes the system almost error proof!