Full Form of MICR
Magnetic Ink Character Recognition
MICR Full Form is Magnetic Ink Character Recognition. MICR is basically a character-recognition technology which is widely used by banks to simplify the processing of cheques. Bank cheque books have certain characters and numbers which seem very irrelevant. But these are deliberately printed with magnetic ink or MICR. It is a system that applies special characters printed with special ink. These characters are unrecognizable and can be read only when passed through a machine specially designed for it. The machine magnetizes the magnetic ink and translates the same into characters.
An MICR code may contain information like serial number of the cheque, account number of the cheque depositor, branch code of the bank and the transaction code. The very purpose of MICR is to provide high-speed scanning and secure information processing. MICR font is normally used for printing deposit slips, checks, mortgage coupons etc. There are computers that are equipped with appropriate software and hardware to read or print MICR fonts.