Question

MICR stands for :

• A. Magnetic Ink Coding Recognition
• B. Magnetic Ink Coding Retrieval
• C. Magnetic Ink Character Recognition
• D. Magnetic Ink Character Retrieval

Answer 1

Answer:

C. Magnetic Ink Character Recognition

• MICR stands for Magnetic Ink Character Recognition.

• It is a technology that involves the use of magnetic ink and special characters to process and verify the legitimacy of cheques.

• Introduced by the Reserve Bank of India, MICR technology has revolutionized the way banks process cheques and other financial documents.