Especially with the advancement of computerised money transfer schemes, modern means of transaction, checks, are still regarded as the most significant equipment in the banking business. So I think you should be aware of it. It can be used to conduct a financial transaction by a person, a firm, or the government. Cheque transactions are secure since they can be monitored at any time. Let’s see what is MICR number.
What is MICR no?
Magnetic Ink Character Recognition is shortened as MICR. The MICR Ring can be found on the bottom white line of all checks. This code is also applicable to international transactions. This is done to make transactions more secure. MICR is a very old system that was created to ensure the safety and security of financial transactions and to make the processing of checks easier. The MICR code provides the check's data, including the serial number and 9-digit number. The city is represented by the first three digits, the bank is represented by the next three digits, and the branch is represented by the last three digits.
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1) RBI created the code to make NEFT (National Electronic Fund Transfer) more efficient and speedy.
2) Because MICR codes are written with a specific magnetic ink, cases of fraud can be easily identified with a magnetic scanner.
3) The first three digits of a MICR code are used to identify the city code, the middle three digits are used to identify the bank code, and the last three digits are used to identify the branch code. 4) For numbers 110229003, 110 City Code, 229 Bank Code and 003 Branch Code.
Facts about the MICR number:
It can be found near the bottom of the check.
It includes information from the bank, such as the bank code, account number, cheque number, and amount.
A MICR code is made up of a number of different characters.
MICR codes, unlike IFSC codes, are globally recognised for moving cash between countries. MICR codes cannot be reproduced since they are printed with magnetic ink and distinct fonts.
In India, each bank has its unique MICR code.
What is MICR number should be clear to you now.
Read More: What is a bank routing number? What is TOD in banking? Which bank is best for loan against property?Your Feedback Matters! How was this Answer?
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Authors Of The Question
What is MICR number?
vasant
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2 Year
2022-04-19T16:10:14+00:00 2022-04-19T16:10:16+00:00Comment
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