Magnetic Ink Character Recognition (MICR) may be a printing technology utilized in the banking system to print the MICR code. MICR code may be a unique 9-digit code allocated by the Reserve of India (RBI) to the bank branches in India which are contributing to the Electronic Clearing System (ECS).
The MICR code is typically printed on the rock bottom of the cheque leaf which facilitates easy processing. Also, it’s found on the primary page of the bank passbook. The primary three digits denote city code, the center three digits denote bank code and therefore the last three digits denote branch code. With this code, machines can process cheques faster.
MICR code is mandatory for online fund transfers. Because the MICR code is printed with ink, machines can easily read the code, thus minimizes errors.
By using an online MICR code finder, you’ll easily find your bank’s MICR code. To seek out MICR code, provide your bank’s name, state, district, and bank branch. The MICR code will appear alongside the small print of your bank branch.