What is MICR?

MICR- The term stands for Magnetic Ink Character Recognition Code. It is basically a character recognition technology which is used mainly by the banking sector. This mainly assists in the processing of cheques. The MICR line or the MICR encoding is printed at the bottom of the cheques (or other documents).

The main benefits of having an MICR code above others is that is easily readable and understandable unlike similar technologies like barcodes. These MICR codes are basically read by a special machine. This is usually printed on the bottom portion of the cheque.

With our website, you can search on the banks with the MICR codes available and also, will get all the requisite information about the particular bank branch with its MICR details.

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We might have never noticed but on each bank note printed, the amount is written in 17 different Indian regional languages.

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Nowadays the rupee is divided into Paisa but this wasn’t followed from the initial times. Earlier the division was based on ‘annas’. 16 Annas used to make a rupee. The anna had further division of 12 pies or 4 paisa.

Did You Know ??

Did you know that paper money was first issued in the late eighteenth century? Did you know that the Central Bank of India was initially called India’s First Swadeshi Bank? Did you know that the first note issued by the RBI was a 5 rupee note which had King George VI’s picture imprinted on it. Did you know that The State Bank group i.e. SBI with its associate banks bears 15,869 branches with as much as 51,491 functional ATMs in India.