BANKING AFFAIRS

Detailed explanation-1: -MICR (magnetic ink character recognition) is a technology invented in the 1950s that’s used to verify the legitimacy or originality of checks and other paper documents. Special ink, which is sensitive to magnetic fields, is used to print certain characters on the original documents.

Detailed explanation-2: -A MICR code is a nine-digit identification code used to identify banks and branches participating in the Electronic Clearing System (ECS). The digits in groups of three within the code represent specific information about the bank. The first three digits of the MICR code represent the city code.

Detailed explanation-3: -Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents.

Detailed explanation-4: -MICR code (Magnetic Ink Character Recognition Code) is a pattern recognition system used mostly by the bank industry to identify the document’s originality and to enable the processing and approval of cheques and other papers. It is a technology that is used with the help of specific characters and ink.

Detailed explanation-5: -Magnetic Ink Character Recognition (MICR) Line The MICR on a check is the string of characters that appears at the bottom left of the check. It consists of three groups of numbers, including the bank routing number, the customer’s account number, and the check number.