MICR meaning in Banking ?

Answer: What is Magnetic Ink Character Recognition mean?

Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment) and a control indicator. The format for the bank code and bank account number is country-specific.

The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents.

reference

Full Form	Category
Magnetic Ink Character Recognition	Banking
Minorities In Cancer Research	Community
Mini In Close River	Community
Michigan Care Improvement Registry	Community
Magnetic Imaging Character Recognition	General
Microscopy Imaging Cytometry Resources	General
Magnetic Ink Character Reader	General
Magnetic Ink Chart Receipt	General
Magnetic Ink Cartridge Recognition	General
Magic In Character Redo	General
Magnetic Ink Character Register	General
Magnetic Ink Cases Reader	General
Midwest Institute for Clinical Research	Governmental
Michigan Incident Crime Reporting	Governmental
Minimally Interrupted Cardiac Resuscitation	Medical
Medical Imaging and Case Reports	Medical
Memphis Inner City Rugby	Sports