Multiple choice

'MICR' technology used for clearance of cheques by banks refers to

  1. Magnetic Ink Character Recognition

  2. Magnetic Intelligence Character Recognition

  3. Magnetic Information Cable Recognition

  4. Magnetic Insurance Cases Recognition
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A Correct answer
Explanation

MICR (Magnetic Ink Character Recognition) uses special magnetically charged ink printed characters, primarily on cheques, that banks can read electronically for fast and accurate cheque clearing and processing.

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