What Is MICR Code And Structure Of MICR Line:

Recently,Reserve Bank Of India [RBI] directed PSU banks to promote online transfer processes like NEFT and RTGS and minimise uses of cheques as cost cutting measures.MICR area of cheque is important from point of view of speedy processing and cost of cheque manufacturing.   MICR [ Magnetic Ink Character Recognition]: MICR   line is magnetic ink printed…

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