What Is Micr Code Of Bank. Similarly you should also keep asking yourself what is MICR code and how does it play an important role in the banking operation. Magnetic Ink Character Recognition (MICR) code is used for processing and clearance of cheques and other documents in India.
The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme.
SWIFT Code is a unique identification code for a particular bank and it is a standard format of Bank Identifier Codes (BIC).
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Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. Search IFSC Code / MICR Code for Fund Transfer. MICR means Magnetic Ink Character Recognition which is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
