Q.
What is MICR in a Bank Demand Draft ?
Asked by mohesh,
15 Apr '09 05:52 pm
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Answers (4)
1.
ITS 9 DIGIT CODE ,NEXT TO D.D NO
MICR, called \"em eye cee are\", \"Mick-er\", and \"Miker\" by some, is short for Magnetic Ink Character Recognition.
Answered by Pardeep kapoor, 15 Apr '09 05:57 pm
MICR, called \"em eye cee are\", \"Mick-er\", and \"Miker\" by some, is short for Magnetic Ink Character Recognition.
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2.
MICR stands for Magnetic Ink Corrector Recognition (MICR) technology. The Reserve Bank of India (RBI) has issued instructions to all leading banks that all cheques and drafts to be issued with MICR. This makes the transactions speedy and safe.
At present, there are two forms of cheque clearing. One is of MICR cheques, which allows money transfer in a single day. On the other hand, non-MICR cheques, originating from smaller towns and villages, take up to 10 days for clearing as the banks have the days fixed for clearing such non-MICR cheques.
Answered by Lucky, 15 Apr '09 05:57 pm
At present, there are two forms of cheque clearing. One is of MICR cheques, which allows money transfer in a single day. On the other hand, non-MICR cheques, originating from smaller towns and villages, take up to 10 days for clearing as the banks have the days fixed for clearing such non-MICR cheques.
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3.
Magnetic Ink Character Recognition, or MICR, is a character recognition technology adopted mainly by the banking industry to facilitate the processing of cheques.
Answered by Naresh Swain, 15 Apr '09 05:55 pm
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