do you know that MICR Code क्या है (What is MICR Code in Hindi)? If you have ever done Banking Transaction then you must have heard about this word MICR Code at some point or the other. IFSC, MICR are very familiar names in the banking world.
They are often used during financial transactions such as money transfer, NEFT, RTGS. These terms may be very common but their importance is very high, so it is very important to know about them properly.
Since you will not find all these basic information in details, but it is very important to know about them because they are very useful during your banking transaction. So today I thought why don’t you guys know about this banking term? What is MICR Code Information should be given about them so that you get to know about these two very well and also get to know about their difference.
Then without delay let’s start and know what is this MICR Code in hindi and why it is important.
What is MICR code
MICR Code or whatever Magnetic Ink Character Recognition Also called MICR code, it is a 9-digit code that helps in identifying a particular bank branch, which is also a part of Electronic Clearing System (ECS) of. this code you check It will be easily visible in the leaf which is issued by the bank and also it is often printed in the passbook which is issued to an account holder.
If you have ever seen a check with great attention, then you must have seen magnetic inks bar codes printed at the bottom of that check. to these bar codes MICR code is called. its full form is ‘Magnetic Ink Character Recognition‘. In the true sense, the name of MICR is given to the technology with the help of which this code is printed.
They are mainly used as a security bar code to protect your transaction. Also MICR code There is also a main part of online money transfers. Because all the bank branches are given a unique MICR code and it helps RBI to identify the bank branch which speeds up the clearing process.
When did MICR start
Introduction to the technology of MICR code in India 1980 was brought into use. For the first time this year, this unique system was cheque clearing system was employed in.
How to find MICR code?
If you want to know about MICR code, then follow the steps given below, so that you can easily get MICR code anywhere.
Step #1: First of all you have to go to this MICR code search website.
Step #2: Here you have to select the required bank in the Select a Bank option below, which you are looking for.
Step #3: After that in Select a State, you have to select the state of need.
Step #4: At the same time, after that you will see the districts of all the places below in Select a District, where you want the Micr Code of the place,
Step #5: By doing this, the names of all the places will be displayed in front of you, here you have to choose the place of need in the Select a Branch option.
Step #6: Once you have selected it then you will get the MICR code which you are looking for. You can use that MICR code as per your convenience.
What happens in this code?
Mainly in MICR code 9 digit are there.
The first three digits (1-3) indicate the name of the city
And the PIN of your area is the same as the first three digits of the code. For example, the first three digits of the Pincode of New Delhi is 110, so the MICR code of all the bank branches located here starts with 110.
4-6 digit gives information about your bank
All banks are given a three digit code, which is 4-6 digits in MICR code. For example, SBI’s code is “002” so all branches of SBI Bank will have 4-6 digit “002” regardless of where it is located in India.
The last three digits (7-9) tell about the branch code,
These are serial wise, that means if SBI has only one branch in Delhi then its branch code will be 001. If two then 001,002. If you want, then the MICR Code of any branch of any bank is RBI official. can see in the website.
Let us understand with an example. If you have an account of State Bank of India (SBI) in Andheri (West), Mumbai branch.
Then what will be his MICR code?
Mumbai की City code: 400
SBI की Bank code: 002
Andheri (West) की Branch code: 003
Hence its MICR code will be: 400002003
Note : – If you have a MICR code, then if you want, you can know about the bank name, branch and city, for this you just have to reverse this process.
How does MICR speed up the processing of checks?
In the first round, the checks were manually cleared, there were more chances of mistakes, due to which there used to be a lot of delay in the check clearing process.
MICR code is printed on checks, this unique magnetic ink is usually iron oxide in which magnetic material is present and which makes it machine-readable. This is absolutely error proof.
This MICR code is so clear and fine that the machine can read it very comfortably even if there are other marks and stamps in it.
Reserve Bank of India According to the report of (Payments in India: Vision 2009-2012), MICR codes have been enabled in all bank branches. Behind this, RBI believes that this will reduce the paper-based clearing process to a great extent.
Especially that is why many MICR-Check Processing Centers have been established so that the volume and value of checks up to about 95 per cent can be processed in the country itself. All countries all over the world have their own standards.
What is the difference between IFSC Code and MICR Code
- IFSC code in India is mainly used to initiate develop electronic money transfer within any two banks, whereas MICR is a Magnetic Ink Recognition technology so it is mainly used to make check processing faster and simpler. is brought in.
- in IFSC code 11 digits Has a unique alphanumeric code, whereas in MICR code 9 digit It is a numeric code.
- IFSC code is used for money transfer like NEFT and RTGS Whereas MICR Code is used only for Checks Clearing.
What are the Advantages of MICR Code
Readability और Security
Since iron oxide-based ink is used in MICR code, these MICR characters are very readable no matter what marks or overprints are there in it.
With this MICR systems provide a very high level of security because MICR characters follow a stringent format which makes it very difficult to forge documents.
Having Few Errors
If we compare other character recognition systems with MICR then the error rates are very low.
MICR scanners decipher characters very precisely and accurately, which makes very few mistakes.
What are the Disadvantages of MICR Code
Printing the documents of MICR documents is not so easy because their standard level is very high.
It requires very precise requirements for MICR character fonts, MICR registration, paper-moisture content and also for grain and toner adhesion.
Along with this, it is very important for all MICR character fonts to conform to ANSI requirements. It rejects MICR fonts which do not meet these standards.
MICR readers are very expensive. The cartridges used in MICR printers are much more expensive than plain ink toner cartridges.
what did you learn today
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