MICR code for THE BANK OF NOVA SCOTIA is Magnetic Ink Character Recognition Code.
MICR code is mostly used by banking system for easy processing and clearance of cheques. MICR code is mostly printed on cheques at the bottom of cheques.
MICR code is directly readable by the micr readers. The micr readers read the code from cheques and feed data directly into the database including all the information. It contains information like bank code , branch details , account type and many other information.
MICR code is also printed on many other bank documents like demand drafts. It is highly secure for the banks to identify fraud with duplicate cheques and other documents. Every bank has been given its unique micr code for THE BANK OF NOVA SCOTIA .
MICR code for THE BANK OF NOVA SCOTIA helps RBI to recognise the bank and branch details which makes the clearance fast and easy. It was introduced in 1980 by RBI in India.
What your MICR code for THE BANK OF NOVA SCOTIA indicate??
The MICR code for THE BANK OF NOVA SCOTIA is a nine digit code. The each three digits in MICR gives useful information about the transaction and the bank. The first three digits in the MICR code defines the city code where the bank branch is located. The location of bank branch. Mostly in India it is in line with the PIN code of the postal addresses.
The next three digits represents the bank code and at the last three digits represent the bank branch code.
How MICR for THE BANK OF NOVA SCOTIA helps to process fast??
The MICR for THE BANK OF NOVA SCOTIA is printed using the iron oxide with different patterns. When the paper is inserted into MICR reader, the reader identifies each information. If human is doing the thing than the chances of error will be high and the time required to process will also be more. In addition to that, there is a lot of paper wastage during process, if the process is with machines , the errors will be less , the time is less and mostly very less or no paper use.
So, MICR for THE BANK OF NOVA SCOTIA helps the banking clearance system, speedy , error free, cost effective , and nature friendly. That is why , RBI is going to apply it over all the banks and all the branches.