MICR

FULL FORM

MAGNETIC INK CHARACTER RECOGNITION

Characteristics

It is a nine-digit code that recognizes the bank. MICR code is written on the cheque next to the cheque number. You can find the MICR number printed on the first page of the passbook.

MICR codes

The MICR code consists of three parts: The first three digits of the MICR code are described as the PIN code of the city which is known as the City code. The next three digits of the MICR code describing the bank is known as the bank code. The last three digits of the MICR code describing the branch of the bank is known as the branch code.

Uses

You can see the use of the MICR code in the banking industry. This code is printed on the bottom of the cheque.

Features

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You can read the MICR code in every situation. MICR code ensures security. The MICR code will get rejected with errors. The code will not be forged.

Discovery

The cheque takes a lot of time to get clear due to the manual processing. The pending cheque is increasing day by day because of the difficulty of the process.

Working

MICR is working on two fonts: E- 13B: It includes a set of 14 characters which consists of ten decimal digits and some symbols. CMC-7: It includes a set of 15 characters.