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read more, whereas IFSC IFSC The full form of IFSC stands for Indian Financial System Code. It's typically used by businesses that need to process a large number of transactions in a single day or make periodic payments like interest, salaries, dividends, bill payments, and loan payments. #MICR WORD FOR MAC CODE#MICR is a nine-digit code that helps in the unique identification of the participating bank and branch in an ECS (Electronic Clearing System) ECS (Electronic Clearing System) ECS stands for Electronic Clearing System, which allows funds to be electronically transferred from one bank account to another. MICR stands for Magnetic Ink and Character Recognition, whereas IFSC code stands for Indian Financial System Code. Banking institutions use MICR to verify the validity and enhance the security of authorized cheques. ![]() MICR provides a higher security level, which eliminates the slightest probability of the documents getting forged. #MICR WORD FOR MAC MANUAL#MICR must also be used to eliminate the possibilities of human errors and initiate quicker transactions that are impossible to achieve in manual processing. MICR must also be used to ensure the authenticity and originality of physical documents like cheques. Magnetic Ink and Character Recognition is mandatory to be used to file various sorts of financial transaction forms like SIP form, investment form, or even for transferring funds. Magnetic Ink and Character Recognition is completely secure, reliable, quick, and saves manual effort as well. Magnetic Ink and Character Recognition uses special magnetic ink and characters. It is a character-recognition technology that banks mainly used by banks for simplifying and ease out the processes and clearance of checks and other physical documents. One of the most important features of Magnetic Ink and Character Recognition is that it enhances security and minimizes the losses caused by a few criminal activities such as phishing, social engineering, hacking, etc. If the code of a particular city s 333, the code of that bank is 666, and its branch code is 999, then the MICR code for the same would be 333666999. ![]() The branch code of a bank is not the same for all. The bank code differs from bank to bank, and the branch code differs from branch to branch. Magnetic Ink and Character Recognition code, therefore, is created by taking the city code, bank code, and the branch code. The next 3 digits represent the bank code, and the last three digits signify the code of a particular branch of a bank. The first three digits of the MICR code are used to represent the City code. Source: Full Form of MICR ()Ī Magnetic Ink and Character Recognition Code is a 9 digit number. #MICR WORD FOR MAC HOW TO#You are free to use this image on your website, templates etc, Please provide us with an attribution link How to Provide Attribution? Article Link to be Hyperlinked The laser printer used for MICR accepts Magnetic Ink and Character Recognition toner. A laser printer is used for printing the magnetic ink, and this is not a regular printer. MICR technique works by passing a physical document such as a cheque containing magnetic ink that needs to be read with a machine that can magnetize the ink on that document and then translate its magnetic information into characters. MICR helps in encoding the numbers mentioned in magnetic ink displayed on the base of a cheque. It can be understood as a technology that is used to verify the originality and authenticity of physical documents (especially cheque) and is mostly used by banking institutions. It is a system that is used for the recognition of characters with the help of a special ink as well as characters or in other words. The full form of MICR is Magnetic Ink Character Recognition. Full Form of MICR – Magnetic Ink Character Recognition
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