What is MICR? How it works?
Ans 1:
Class : Class 10
It is Magnetic Ink Character Recognition, used banks to safely handover huge amount of bank transaction. It is use cheque book and cheque book series number
Ans 2:
Class : Class 9
MICR which means MAGNETIC INK CHARACTER RECOGNITION.It is used for handover bank transaction
Ans 3:
Class : Class 9
It stands for Magnetic ink character recognition,it is used for handover bank transaction
Ans 5:
Class : Class 9
It is Magnetic Ink Character Recognition, used banks to safely handover huge amount of bank transaction. It is use cheque book and cheque book series number
Ans 6:
Class : Class 9
MICR is an abbreviation for “Magnetic Ink Character Recognition”.ITS USED FOR IDENTIFICATION
The MICR code is a 9 digit code, which is printed at the bottom of a cheque.
Here’s how it looks:
Sample Cheque / Check for MICR
Composition of the MICR code
A MICR code is unique to each bank branch. Thus, a MICR code can be used to uniquely identify any bank branch.
It comprises of 3 parts:
The first three digits represent the city (City Code). They are aligned with the PIN code we use for postal addresses in India.
The next 3 digits represent the bank (Bank Code)
The last 3 digits represent the branch (Branch Code)
Example 1
Let’s say you have an account in the Andheri (West), Mumbai branch of State Bank of India (SBI). What would be its MICR code?
City code for Mumbai: 400
Bank code for SBI: 002
Branch code for Andheri (West): 003
Thus, the MICR code is: 400002003
Ans 7:
Class : Class 9
It is Magnetic Ink Character Recognition, used banks to safely handover huge amount of bank transaction. Cheque book in black numbers
Ans 8:
Class : Class 10
It is Magnetic Ink Character Recognition, used banks to safely handover huge amount of bank transaction.. Consist 9 digit number on cheque