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Cheque-clearing machine at Cuttack repaired

CUTTACK: Good news for Cuttack traders. The Magnetic Ink Character Recognition (MICR) machine to clear all the cheques and bank documents installed at the Banker’s clearing house here has been repaired and would start functioning on Monday.

The state-of-the-art technology installed in the city to ease the bank transactions last month could not be made fully operational last week as the operators found it difficult to handle. The banking transactions in the city went through anxious moments and suffered as the documents were handled manually.

The MICR machine procured from USA having Scotland software was difficult to run on the night of January 31 and since then we were handling the bank documents manually. But now the machine is ready for use since Monday, said clearing house manager Umakanta Sahu. The MICR technology is installed for quicker payment of cheques and drafts. Manually, the outstation cheques were taking around seven days for clearance while the local cheques were taking almost three to four days. But the MICR machine can handle all the cheques within one day.

On an average, the Cuttack clearing housing handles about 8000 cheques of at least 36 banks in the city in a day.

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