The magnetic ink bar codes printed on the bottom of the bank’s cheque leaves are known as Magnetic Ink Character Recognition code (MICR), popularly known as MICR code. The technology used in printing the code is actually called MICR
The Reserve Bank of India introduced a series of measures to ensure safe and effective payment system in the country. Every bank branch has its own unique MICR code. MICR code is very important for security purpose of the transaction and has also become an indispensable part of online money transfer.
- MICR code contains nine digits.
- The first three digits in the MICR code represent the city code
- The middle three digits stand for bank code
- The last three digits represent the bank branch code.
