Multiple choice

The introduction of ______ cheque clearing for cheque sorting and settlement was introduced in 1950s

  1. MICR

  2. EFT

  3. RTGS

  4. SWIFT

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

MICR (Magnetic Ink Character Recognition) technology was introduced in the 1950s to automate cheque sorting and settlement by reading specially printed magnetic ink characters. EFT, RTGS, and SWIFT came later as electronic payment systems evolved.