It is a special type of INK PRINTING which is recognized by its magnetic character by special type of machines.
It is used in cheques having 9 numbers. First 3 numbers denote city in which branch of any bank is situated. Second three no. denotes name of Bank and last three digits denote branch of a bank.
It is used to protect frauds because it is not available easily.Clearing houses find it easy as it is sorted branch wise by machines.
No comments:
Post a Comment