Ambala branch of AXIS BANK is associated with the unique MICR Code 134211007, located at the AXIS BANK LTD, Ground Floor,Hadbast number No. 65, Vill. Rawlan, Ambala , Haryana – 134008.
MICR Code: 134211007
Name of the Bank: AXIS BANK
Name of the Branch: Ambala
City Code: 134
Bank Code: 211
Branch Code: 007
Address: AXIS BANK LTD, Ground Floor,Hadbast number No. 65, Vill. Rawlan, Ambala , Haryana – 134008
City: Ambala
State: Haryana
Pincode: 134008
MICR (Magnetic Ink Character Recognition): Ensuring Cheque Processing Efficiency
- What is MICR?
MICR, or Magnetic Ink Character Recognition, is a technology used for processing and authenticating paper-based documents, primarily cheques, in the banking system. It involves the use of special ink and characters that are magnetically detectable.
- Structure of MICR Code
MICR (Magnetic Ink Character Recognition) code is a unique code used to identify bank branches during electronic transactions. It typically consists of 9 digits and is printed at the bottom of checks to facilitate automated processing.
The MICR code format is as follows:
The first 3 digits represent the city code.
The next 3 digits represent the bank code.
The last 3 digits represent the branch code.
Here’s an example of a MICR code: 110002005
In this example:
“110” represents the city code.
“002” represents the bank code.
“005” represents the branch code.
This MICR code corresponds to a specific bank branch located in the city with the code “110,” associated with the bank with code “002,” and the branch with code “005.”
- Application of MICR Code
MICR codes are primarily used in cheque clearing processes. When a cheque is deposited, the MICR code is read by magnetic scanners, facilitating automatic sorting and processing. This technology enhances the speed and accuracy of cheque clearing, minimizing the chances of errors associated with manual handling.
For more information you can also visit Reserve Bank of India: MICR Codes of Bank Branches under the jurisdiction of CTS Grid Centres
MICR FAQs: Your Guide to Magnetic Ink Character Recognition
| Question | Answer |
| What does MICR stand for? | Magnetic Ink Character Recognition |
| What is the purpose of MICR technology? | To facilitate secure and efficient processing of cheques and other documents by automatically reading encoded information |
| What are the components of a MICR line? | The MICR line consists of the cheque number, bank code, and account number |
| How is MICR ink different from regular ink? | MICR ink contains iron oxide particles, making it magnetic and easily detectable by MICR readers |
| What is the MICR encoding process? | During encoding, characters are printed using MICR ink in a specific font known as E-13B or CMC-7 |
| What is the MICR encoding standard? | E-13B and CMC-7 are the two main MICR font standards used globally |
| How is MICR ink read by MICR readers? | MICR readers use magnetic heads to detect and interpret the magnetic ink characters on documents |
| What are the advantages of MICR technology? | Improved accuracy, faster processing times, and enhanced security of financial transactions |
| Which documents commonly use MICR technology? | Cheques, demand drafts, deposit slips, and other financial documents |
| How does MICR help prevent fraud? | MICR helps prevent fraud by making alterations or counterfeiting of documents more difficult |
| What is the role of MICR in cheque clearing? | MICR facilitates automatic sorting and routing of cheques, expediting the clearing process |
| Can MICR be used for electronic fund transfers? | No, MICR is specifically designed for paper-based transactions and is not used for electronic transfers |
| How is MICR information encoded on cheques? | MICR information is encoded in a designated area at the bottom of cheques called the MICR line |
| How does MICR improve cheque processing speed? | MICR enables automated processing, reducing the need for manual handling and expediting cheque clearance |
| What is the role of MICR in cheque truncation? | MICR plays a vital role in cheque truncation by capturing cheque data electronically and eliminating physical movement |
| How is MICR technology used in ATMs? | MICR is utilized in ATMs for cheque deposits, where the MICR line is scanned to capture cheque details for processing |
| What is the difference between MICR and OCR? | MICR reads characters using magnetic ink, while OCR (Optical Character Recognition) reads characters optically from text |
| Is MICR technology standardized globally? | Yes, MICR technology follows international standards to ensure compatibility and interoperability across different systems |
| Can MICR encoding be altered or tampered with? | Altering or tampering with MICR encoding is difficult due to the use of specialized ink and printing standards |
| What is the lifespan of MICR ink? | MICR ink has a long lifespan and remains legible even after prolonged storage or exposure to harsh conditions |
| Are there any disadvantages to MICR technology? | MICR technology requires specialized equipment and ink, which can be costly to implement and maintain |
| How does MICR technology contribute to banking? | MICR technology streamlines banking operations by automating processes, enhancing accuracy, and improving security |
| Can MICR technology be used with other payment systems? | MICR technology is primarily used for cheque processing and is not compatible with most electronic payment systems |
| What is the future outlook for MICR technology? | Despite advancements in electronic payments, MICR technology remains essential for cheque processing in many regions |
| Where can I find more information about MICR? | Additional information about MICR technology can be obtained from banks, financial institutions, and industry resources |
Disclaimer: The content on this blog serves general informational purposes and is not professional advice. Users are advised to verify their bank branch’s MICR code through official sources or by directly contacting the bank, as banking regulations and MICR codes may change. We do not assume responsibility for any inconvenience or loss due to reliance on the provided information. The MICR code provided is for illustration purposes only, and users should independently confirm details before initiating financial transactions. Thank you for your understanding.