Can anyone answer this question pls
Dear student,
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. The Advantages are:
a. It helps banks process Cheques using machines
b. It helps banks process Cheques in a faster way instead of having to manually verify/validate each of them
Regards