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

  5. None of these
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A Correct answer
Explanation

MICR (Magnetic Ink Character Recognition) is a technology used by banks to speed up cheque clearance. Special magnetic ink containing iron oxide is printed with characters (routing numbers, account numbers) that can be read electronically even if overprinted. It prevents fraud and enables automated processing.

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