The central bank is going to introduce the MICR (magnetic ink character recognition) technology for bank cheque clearing and processing in March next year. The technology will help authorities carry out clearing and processing activities more quickly.

All scheduled banks will include MICR code in their cheques under the Bangladesh Bank rules.

National Cash Register (NCR) Pakistan, Bangladesh and Afghanistan region Managing Director Wahab Haider was present as chief guest at the seminar. NCR Vice President GB Shankar was also present.

The seminar was told that Technomedia Ltd has been working for two year as NCR Bangladesh representative.

Speakers at the seminar also welcomed Bangladesh Bank initiative for introducing the MICR technology for modernising banking activities.