What is the meaning of MICR ?

MICR stands for Magnetic Ink Character Recognition (MICR).The MICR is used to read text printed in magnetized ink.It is used in banks for Cheque processing.
MICR characters are printed on the lower-left edge of the cheque.These characters represent the bank number ,account number, and check number.Each check is inserted into an MICR reader, which sends the check information to a computer for processing.

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