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What is MICR code in DD?

April 26, 2017add-ons code Computers hardware India internet MICR

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What is MICR code in DD?

1 Answer

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10 Posted

MICR stands for: MAGNETIC INK CHARACTER RECOGNITION. In MICR technology the information is printed on the instrument (Cheque or DD) with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.