Regarding micr
This query is : Resolved
26 September 2012
what is micr & what is it used for?
27 September 2012
MICR stands for Magnetic Ink Character Recognition.All the Banks,scheduled and private banks have this number for their branches.It has 9 digits.First three digits indicate the city the bank branch is located and it will match with the PIN code of the city.Next three digits indicate the Bank.Last three digits indicate the branch location.Thus with MICR the particular Branch of the Bank can be easily identified.It is found on the cheque of the bank at the bottom besides the cheque number. The reading machine or a cheque sorting machine reads through a cheque when inserted and identifies the branch to which the cheque belongs to and activates the automation clearing process.
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04 October 2012
thanx a lot.....
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