Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

What is MICR in a Bank Demand Draft ?

Asked by mohesh, 15 Apr '09 05:52 pm
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

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

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
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

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
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

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
4.

MICR is the bank branch code
Answered by saurabh choudhary, 15 Apr '09 05:54 pm

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining