History Facts

Facts

Magnetic Ink Character Recognition:
The Magnetic Ink Character Recognition (MICR) which is an automated system for sorting cheques and other financial instrumenTS. This facility came into effect in the early part of 1995.

National Clearing System Re-Visited:
In January 1995, a revised clearing rule became operational to facilitate effective clearing of financial instruments and shorten the period of clearing. Consequently, inter-state cheque clearing time was reduced from 21 days to 15 days, while intra-state clearing has been reduced from 12 days to 9 days.

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