What is the use of MICR code?
MICR code is a code printed on cheques using MICR (Magnetic Ink Character Recognition technology). This enables identification of the cheques and which in turns means faster processing. An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).
What are the advantages of using magnetic ink character recognition MICR reader?
Benefits or advantages of MICR ➨In spite of rough handling, one can read the MICR information with high degree of accuracy. ➨The processing of MICR information is fast. ➨It offers greater security compare to OCR technology as printed characters can not be altered.
Is MICR and CIF number same?
Are the IFSC code, MICR code and CIF number the same? No, IFSC code, MICR code and CIF number serve different purposes.
What are the advantages and disadvantages of magnetic ink character recognition?
Advantages & Disadvantages of Magnetic Ink Character Recognition
- Advantage: Ease of Readability and High Security.
- Advantage: Small Deciphering Error Rate.
- Disadvantage: Time Consuming Standards.
- Disadvantage: Expensive Equipment.
Why the use of magnetic ink is better than using barcodes on cheques?
Unlike barcodes and similar technologies, MICR characters can be read easily by humans. One of the advantages of magnetic ink character recognition is that the characters can be read even if a document has other marks on it. It also decreases the margin of error. The scanners will accurately read the characters.
Where is CIF no in passbook CBI?
Find Central Bank of India CIF number using your Passbook: There is a CIF number on the first page of your Passbook. Find the CIF number in the Account statement: If you have requested an account statement for your CBI account, the CIF number will be printed on the first page.