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Why is it useful to use MI CR at banks?

Anonymous

∙ 14y ago

Updated: 8/19/2019

MICR stands for Magnetic Ink Character Recognition. It is a system using which magnetic readers can easily identify the bank that issued the cheque and other details reg. the cheque. All banks use MICR codes in their Cheques which helps them in automatic processing of cheques.

Wiki User

∙ 14y ago

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