GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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MICR
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Special clearning
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Speedline System
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Automatic clearance
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Detailed explanation-1: -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-2: -Magnetic Ink Character Recognition (MICR) Line Magnetic ink character recognition (MICR) is a technology used primarily to identify and process checks. The MICR on a check is the string of characters that appears at the bottom left of the check.
Detailed explanation-3: -OCR stands for Optical Character Recognition/Reader. MICR stands for Magnetic Ink Character Recognition/Reader. Scanning. OCR can scan any kind of printed text. MICR scan specific formats present in a cheque.