BANKING AFFAIRS

Detailed explanation-1: -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-2: -MICR Code full form is Magnetic Ink Character Recognition. It is a unique nine-digit code to identify a bank and branch participating in the ECS Credit scheme. The RBI assigns every bank branch a unique MICR Code.

Detailed explanation-3: -MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).

Detailed explanation-4: -Format of the MICR Code The MICR code consists of 9-digit and the first three-digit indicate the city code. Further, the next three-digit signifies the bank code. Lastly, the final three-digit represent the branch code. Check this example: The MICR code of one of the Chennai SBI branches may represent 600002025.