Full Form of MICR
The full form of MICR is the Magnetic Ink Character Recognition.
|Magnetic Ink Character Recognition
What is MICR
Magnetic Ink Character Recognition (MICR) is a character-recognition technology used primarily by the banking industry to facilitate the processing of cheques and makes up the routing number and account number at the bottom of a check.
Characteristics of MICR code
A MICR code is a nine-digit code that recognizes the bank and branch involved in an ECS uniquely. The MICR code is written next to the cheque number, at the base of a cheque leaf. It can also be found printed on the very first page of a bank savings account passbook.
MICR code composed of three parts
- City code – The very first three digits represent the city. They are matched with the PIN code which we use in India for postal addresses.
- Bank code – The next three digits reflect a bank.
- Branch code – The last three figures indicate the branch.
Related Full Forms List
|NIBM Full Form – National Institute of Bank Management
|IBPS Full Form – Institute of Banking Personnel Selection
|BRS Full Form – Bank Reconciliation Statement
|BNPM Full Form – Bank Note Paper Mill
|NBFC Full Form – Non-Banking Financial Companies
If you have questions and answers related to MICR, then tell us your thoughts in the comment, know the complete meaning of MICR in this article.
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