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MICR stands for ___________.
1. Magnetic Ink Cases Reader
2. None of these
3. Magnetic Ink Code Reader
4. Magnetic Ink Character Recognition

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Correct Answer - Option 4 : Magnetic Ink Character Recognition

The correct answer is Magnetic Ink Character Recognition.

  • MICR stands for Magnetic Ink Character Recognition.
  • It is a technology that is used in the banking industry for recognition of characters to ensure secure and speedy clearing of transactions involving bank cheques.

  • The MICR code in the bottom of the bank cheques ensures the uniqueness of every check so that it is not counted or used twice.
  • In India, every bank branch is given a unique MICR code and this helps the RBI to identify the bank branch and speed up the cheque clearing process.

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