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MICR in Banking Meaning

The MICR meaning in Banking terms is "Magnetic Ink Character Recognition". There are 3 related meanings of the MICR Banking abbreviation.

MICR on Banking Full Forms

  1. Magnetic Ink Character Recognition MICR (magnetic ink character recognition) is a technology used to verify the legitimacy or originality of paper documents, especially checks. Special ink, which is sensitive to magnetic fields, is used in the printing of certain characters on the original documents. Information can be encoded in the magnetic characters. The use of MICR can enhance security and minimize the losses caused by some types of crime. If a document has been forged - for example, a counterfeit check produced using a color photocopying machine, the magnetic-ink line will either not respond to magnetic fields, or will produce an incorrect code when scanned using a device designed to recover the information in the magnetic characters. Even a legitimate check can be rejected if the MICR reader indicates that the owner of the account has a history of writing bad checks.
  2. Magnetic-Ink Characters Recognition
  3. Magnetic-Ink Character Recognition

Frequently Asked Questions (FAQ)

  1. What does MICR stand for Banking?

    MICR stands for Magnetic-Ink Characters Recognition in Banking terms.

  2. What is the shortened form of Magnetic-Ink Characters Recognition in Banking?

    The short form of "Magnetic-Ink Characters Recognition" is MICR for Banking.

Citation

MICR in Banking. Acronym24.com. (2021, March 18). Retrieved December 23, 2024 from https://acronym24.com/micr-meaning-in-banking/

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