What is the Full Form of MICR?

The full form of MICR is Magnetic Ink Character Recognition. Magnetic Ink Character Recognition is embedded in the random numbers that are present at the bottom of cheques given by the bank. Read this blog to learn more about Magnetic Ink Character Recognition. 

Also Read: What is the Full Form of MCLR?

About Magnetic Ink Character Recognition

Magnetic Ink Character Recognition has a crucial role in speeding up and securing cheque processing. The Magnetic Ink Character Recognition is a numeric code printed on the cheques and that is used to verify the authenticity and route it to the correct destination. This numeric is a 9 digit code and is divided into three parts. 

Following are the three parts

City Code: The first three digits denote the city where the bank branch is located.

Bank Code: The next three digits identify the specific bank within that city.

Branch Code: The final three digits pinpoint the specific branch that issued the cheque.

Also Read: What is the Full Form of MMID?

Is MICR and IFSC Same?

IFSC and MICR code are not the same. Both these codes serve a different purpose. IFSC is used for the transfer of funds. On the other hand MICR is used for cheque clearing. However. both of these codes contain the branch code.

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