What is MICR code in passbook?

What is MICR code in passbook?

MICR Code full form is Magnetic Ink Character Recognition. It is a unique nine-digit code to identify a bank and branch participating in the ECS Credit scheme. The RBI assigns every bank branch a unique MICR Code.

What is MICR number in bank passbook?

Definition: MICR stands for Magnetic Ink Character Recognition and is a 9-digit code that identifies the bank branches that are taking part in an ECS (Electronic Clearing System).

Is IFSC and MICR code same?

IFSC code is an eleven-digit code whereas MICR code is a nine-digit code. IFSC code denotes only the bank code and branch code. Whereas, MICR denotes the pin code, bank code, and the branch code. IFSC code is endemic i.e. it is used only in India.

What is MICR 11?

MICR stands for Magnetic ink character recognition. – Magnetic ink Character Recognition is an input device which is used to identify certain characters which are printed on the cheque books due to some specific reasons by the bank.

What is MICR in full?

Magnetic Ink Character RecognitionMagnetic ink character recognition / Full name
A magnetic ink character recognition line (MICR) is a line of characters on a check printed with a unique ink that allows the characters to be read by a reader-sorter machine.

What is MICR code in Indian banks?

MICR code is a unique 9-digit number which can be found in any Indian Bank account’s cheque book. MICR is mainly used for faster processing of cheques.

What is the use of MICR code in bank?

MICR Code, stand for Magnetic Ink Character Recognition. This can be found in all the cheques at the bottom white line which is known as MICR Band. This code can be used for international transactions as well. This is used for enhancing the security in the transactions.

Can Find MICR code on any cheque?

This nine-digit code is unique and ensures that all banks using cheques for financial transactions are recognised by the RBI. The MICR Code is generally located at the bottom of each cheque leaf in your cheque book, representing a thin strip. You can also search for the MICR Code of your bank branch online.

What is check image MICR?

Pronounced “mick-er,” MICR is an acronym for “magnetic ink character recognition,” which refers to machine-readable text. The line is the row of numbers and symbols imprinted along the bottom of each check. Within the line are the bank routing and transit numbers and the customer account and check numbers.