MICR Full Form | Full Form of MICR
MICR Full Form - Magnetic Ink Character Recognition
- Here, you’ll get the solution of following MICR related questions: full form of MICR, full form of MICR in computer, full form of MICR code, what is the full form of MICR , full form of MICR in banking.
- MICR is a technology used in the recognition of originality of the document with the help of special ink and characters.
- They're printed on rock bottom of bank cheques consisting of nine digits.
- First three digit signifies about the town code, next three about represent bank code, and last three tells about the branch code. This is often called MICR code.
- Earlier, cheques were processed manually. The clearance of cheques took tons of your time.
- Day-by-day numbers of cheques were increasing making the processing difficult.
- During the mid 1950s, Stanford Research Institute and General Electric Computer Laboratory developed first system to process cheques using MICR.
Magnetic ink Character Recognition
How MICR Works
- MICR code is printed on the document using two sort of font, one is E-13B and other is CMC-7.
- The ink used may be a magnetic ink.
- The MICR code is passed from the MICR reader which allows the characters to read efficiently which are obscured by other marks like stamp and signatures.
- It is easily readable even if it's some stamp or signature over it.
- It provides a high level security because it is difficult to follow the precise ink which makes it difficult to forge the document.
- Error rate is extremely small.
- It has a high standard demand.
- MICR fonts which don't fulfill these demands are rejected.
- The cartridges utilized in MICR are considerably expensive than the traditional cartridges.