INWARD MICR ZONE 1
INWARD MICR ZONE 1 – ICICI Bank Statement
Sometimes you may receive SMS from LM-ICICIBNK which says Your Ac XXXXXXyouricicibankaccountnumberhere is debited INR 25,000.00 on 11 Feb. Cheque No.333333. Info.INWARD MICR ZONE 1. Total Avbl. Bal is INR 77777.35
INWARD MICR ZONE refers to a cheque as a payment.
Debited cheques are included in Inward Micr Zone-1 of ICICI Bank Statement.
Note: The above mentioned Cheque No.333333 is just for example.
1 comments:
The cheque is currently the most visible and significant mode of payment in India. In view of the importance of cheque to the retail segment, Magnetic Ink Character Recognition (MICR) technology was introduced by the Reserve Bank of India. MICR technology enabled the banking system to handle the growth in the cheque volumes and to provide faster and efficient clearing services to customers and to do straight through processing using MICR data. Over a period of two decades, a number of MICR Clearing Houses have evolved.
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