FULL FORM OF MICR

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WHAT IS MICR

  MICR stand for Magnetic Ink Character Recognition. MICR is a technology used in the identification of the genuineness  of the documents with the help of magnetic ink character recognition. There characters are printed on the bottom of bank cheques having nine digits.

MICR CODE

                It is a code of nine digit which prove the genuineness  of the documents. First three digit denotes the city code,next three codes signifies represented bank code,and last three signifies about the branch codes. Correctly this is called MICR codes.

REQUIREMENT OF MICR CODE

             Earlier cheques were processed manually. Because of manually processing the clearance of cheques took a long time to credit the amount in concerned persons account. Due to increasing number of bank and account holders it was problem for bank to clear the cheques timely. So in 1950,Standard Research Institute and General Electric Computer Laboratory developed first system to process cheques using MICR.

HOW MICR WORKS

          The ink used in MICR code is magnetic ink. The MICR code is passed through the MICR reader which allows the characters to read efficiently which have been obscure by other marks like stamp and signatures.

ADVANTAGE OF MICR CODE

1. It provides high level security because it is difficult to follow the precise ink which make it difficult to copy the document. Hence it prevent the forge of documents.
2. It is easy readable even if it has stamp or signature over it.
3. Error rate is very small.



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