MICR
1. Where can you expect to see MICR used?
In the banking sector, MICR is mostly used. To make sure no checks have been made, the codes are primarily printed on checks. The bottom of each check has a nine-digit MICR code, the first three of which are the city code, the second three are the bank code, and the final three are the branch code.
2. How is MICR used in banks?
Since the late 1950s, MICR has been in use. It was an important development since it made check fraud more challenging while enabling the automating of check processing. The system was adopted by banks all across the system. This explains why bank checks have such a consistent format. In order for the readers to read the MICR numbers, it must be.
3. What is the main difference between IFSC code and MICR code?
The IFSC Code is used to send money via NEFT and RTGS, which is the primary distinction between the two. On the other hand, just cheque leaves are used with MICR code.
MICR Full Form
Magnetic Ink Character Recognition (MICR) is mainly used to recognize and handle cheques. The series of characters at the left-hand bottom corner of a check is its MICR. It is made up of three sets of numbers: the check number, the customer’s account number, and the bank routing number.