SBI sets up MICR center in Orissa

Leveraging technology for improving customer service, the State Bank of India (SBI) has opened a cheque processing center based on Magnetic Ink Character Recognisation ICR technology at its zonal office in Bhubaneswar.

This will facilitate clearance of the cheques in a much faster and accurate way, according to VSG Chandra Sekhar, chief general manager, SBI, Bhubaneswar circle.

In Orissa, SBI has been managing clearing houses at 27 centres except Bhubaneswar where the responsibility is shouldered by local office of the Reserve Bank of India (RBI).

At all the centers the sorting of cheques is done manually and the drawee's account is credited on the third day after presentation.