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With Out an MICR code, banks would depend on slower and error-prone guide routing mechanisms for cheques, thereby making the clearance process a much longer affair. At Present, that has been made attainable through the digital routing of cheques sooner and safer than ever earlier than, on this means, minimizing the chances of fraud or human errors. The MICR full form in banking is Magnetic Ink Character Recognition; it is amongst these applied sciences that safe financial transactions. \u201d The simplest reply is that it is an instrument used to expedite the processing of cheques whereas minimizing errors. The MICR code listed on the underside of a cheque allows banks to identify the town, financial institution, and department involved in the transaction. It includes the electronic processing of cheques via magnetic ink and character recognition, thus sustaining high accuracy and very low possibilities of fraud or misreading.<\/p>\n