New India Bank mumbai MICR codes are given in the table alongside. Details including address and contact numbers are also provided. From New India Co Op Bank MICR codes list for mumbai, one can further search by branch name specified in the table. You can find MICR codes for all New India Bank mumbai branches.
New India Bank MICR code is a character recognition technology used by banks in the processing of cheques. New India Co Op Bank MICR code for mumbai 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 New India Co Operative Bank branches in mumbai, 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 New India Bank mumbai 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 New India Co Op Bank mumbai branches speeds up the processing of cheque as it reduces manual effort of sorting. Use of New India Co Operative Bank MICR codes for mumbai branches, makes the characters readable even if there are other marks and stamps on it. This makes the system almost error proof!