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BankingAwarenessLectureEnglish Module8
BankingAwarenessLectureEnglish Module8
BankingAwarenessLectureEnglish Module8
Bank Branch of X
Y is native of Chennai
SBI, Delhi
Bank Branch of Y
SBI, Chennai
PAYEE DRAWEE
NOMENCLATURE ASSOCIATED WITH CHEQUES
Post-dated cheque A cheque which bears a date later than the date of issue.
Crossed cheque Cheque which carries two parallel transverse lines across the face of the cheque.
MICR CODE ON CHEQUES
It is Magnetic Ink Character Recognition (MICR).
It is a 9 digit code.
First three digits … city / district
Next three digits … name of bank
Last three digits … location of branch / branch name
6 9 5 2 4 0 0 0 2
“ Material Alteration “ is the alteration, that alters substantially the operation of the
instrument.
(Cheques with special crossing shall be considered to be crossed to that banker only)
DRAWER DRAWEE
Bank Branch of X
Y is native of Chennai
Bank Branch of Y
SBI, Chennai
PAYEE
The images captured at the presenting Faster clearing cycle.
bank or at the designated point would be Better reconciliation / verification.
transmitted to the drawee branch with Better customer service.
digital signature. Minimise transaction costs.
Each image will carry digital signature Additional security features.
apart from endorsement of the presenting Fear of loss of cheque en route is not
branch. there.
Entire process will involve image based Frauds can be eliminated.
clearance in stead of physical clearance.