MICR code is a character-recognition technology used mainly by the Indian banking Sector to ease the processing and clearance of cheques and other bank documents. 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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What is RTGS NEFT & IMPS ?
Real Time Gross Settlement (RTGS) are specialist funds transfer systems where the transfer of money takes place from one bank to another on a "real time".
RTGS systems are typically used for high-value transactions that require and receive immediate clearing.RTGS Min.Amount is Rs.2 Lakh to transfer other Indian Bank Accounts.
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI).It is done via electronic messages.NEFT transfers in half-hourly batches with 23 settlements occurring between 8:00 AM and 6:30 PM on week days. Transfers initiated outside this time period are settled at the next available window. No settlements are made on the second and fourth Saturday of the month, or on Sundays, or on public holidays.