PNB to install MICR system in its Mysore branch

Mysore, Mar 29 (UNI) The Punjab National Bank will soon install a Magnetic Ink Character Recognition (MICR) system in its branch here at a cost of Rs 1.5 crore to speed up collection and settlement of cheques.

Mysore Bankers Clearing House President B Siddaiah told reporters here today that the system, approved by the Reserve Bank of India (RBI), was only the second in the State, after Bangalore.

The new design of cheque books would have the Mysore code 570 printed on it, followed by the code of the respective banks.

Mr Siddaiah said about 28,000 cheques, with a value of more than Rs 60 crore, were coming for clearance in the city clearing house daily. It was proposed to introduce a National clearing house in the city using MICR technology to clear outstation cheques within five days as against the present four to six weeks.

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