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HYDERABAD: Mr R. Gandhi, Regional Director of Reserve Bank of India, has opened the MICR cheque processing centre in Vijayawada. Established by the State Bank of Hyderabad, the centre has the capacity to process 600 cheques a minute.

The MICR (Magnetic Ink Character Recognition) clearing system allowed the customer to realise the cheques a day after he or she deposited the cheque in his account. In the normal course, the customers could realise funds only on the third working day, a SBH press release said here on Saturday.

The Vijayawada centre was the 44th MICR centre set up by banks and third in Andhra Pradesh. This was the first centre to be set up by the SBH in the country.

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