Uflex becomes security printers for MICR cheques

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Uflex becomes security printers for MICR cheques
Uflex becomes Indian Banks' Association (IBA) certified Security Printer

India’s largest multinational flexible packaging materials and solution company Uflex has recently been certified by the Indian Banks’ Association (IBA) as a security printer for printing MICR instruments for its member banks. As a major flexible packaging printer and holographic film supplier, Uflex has many innovative security systems in place for anti-counterfeiting and track & trace of print products. The company sees huge opportunity for producing secure documents and bank instruments both for the local and international markets.

To standardize documents related to bank cheques and the Ex-chequer’s Revenue Department, security printing for MICR instruments is mandatory. MICR, which stands for Magnetic Ink Character Recognition, is required in addition to special overt and covert features for bank cheques, legal tenders and various other negotiable documents. GP Pathak and Rakesh Khazanchi of the Holography Business unit at Uflex explained, “Since Uflex possesses all required systems, technology and infrastructure, the Indian Bank’s Association conferred this certification to us.”

Explaining the significance of the certification, Dinesh Jain, president, Legal and Corporate Affairs and the head of the Holography Business at Uflex said, “Now that we have been certified by IBA, a huge window of opportunity for security printing of MICR instruments both in India and overseas has opened up for Uflex. We will make the most of it.”

Expressing his delight, Ashok Chaturvedi, chairman and managing director of Uflex said, “We have been at the vanguard of the global fight against counterfeiting by offering top of the line brand protection solutions to our clients in the flexible packaging space, preventing them from being body-doubled. Acknowledging our capabilities in developing world-class anti-counterfeiting solutions for brands, academic qualification degrees and mark sheets, the IBA has given us the opportunity for security printing MICR instruments, which is a big honor and responsibility in itself. Through immaculate R&D, we remain committed to raise the bar of technology in the field of security printing and brand protection giving a tooth and nail fight to nefarious counterfeiters operating out of dingy corridors across the world. Our cutting-edge technology towards developing the most contemporary and impregnable brand protection solutions is a befitting reply to counterfeiters and a concrete step towards annihilating the dark underbelly of plagiarism and counterfeiting.”

2023 promises an interesting ride for print in India

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. While the print and packaging industries have been resilient in the past 33 months since the pandemic lockdown of 25 March 2020, the commercial printing and newspaper industries have yet to recover their pre-Covid trajectory.

The fragmented commercial printing industry faces substantial challenges as does the newspaper industry. While digital short-run printing and the signage industry seem to be recovering a bit faster, ultimately their growth will also be moderated by the progress of the overall economy. On the other hand book printing exports are doing well but they too face several supply-chain and logistics challenges.

The price of publication papers including newsprint has been high in the past year while availability is diminished by several mills shutting down their publication paper and newsprint machines in the past four years. Indian paper mills are also exporting many types of paper and have raised prices for Indian printers. To some extent, this has helped in the recovery of the digital printing industry with its on-demand short-run and low-wastage paradigm.

Ultimately digital print and other digital channels will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future. For instance, there is no alternative to a rise in textbook consumption but this segment will only reach normality in the next financial year beginning on 1 April 2023.

Thus while the new normal is a moving target and many commercial printers look to diversification, we believe that our target audiences may shift and change. Like them, we will also have to adapt with agility to keep up with their business and technical information needs.

Our 2023 media kit is ready, and it is the right time to take stock and reconnect with your potential markets and customers. Print is the glue for the growth of liberal education, new industry, and an emerging economy. We seek your participation in what promises to be an interesting ride.

– Naresh Khanna

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