Which industry is primary user of Magnetic Ink Character Recognition (MICR)?

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(a) Banks — The MICR code is located on the bottom of a cheque leaf, next to the cheque number. 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 Science & Technology/Computer an Electronic Clearing System (ECS). It comprises of three parts: The first three digits represent the city (City Code). The next three digits represent the bank (Bank Code). The last three digits represent the branch (Branch Code). Note- Indian Financial System Code (IFSC code) is an 11-digit alphanumeric code used to uniquely identify bank branches within the National Electronic Funds Transfer (NEFT) network by Central bank. IFSC code is used by electronic payment system applications such as Real-Time Gross Settlement (RTGS), NEFT and Centralized Funds Management System (CFMS). In an IFSC code, the first four digits of the IFSC represent the bank and last six characters represent the branch. The fifth character is zero.

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(B) Footwear designing

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(C) Book Publishing

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(D) None of these

Which industry is primary user of Magnetic Ink Character Recognition (MICR)?

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