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Micr number in bank demand draft?

Caroline Campbell

in Student Loans

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Amanda Johnson on January 18, 2019

MICR stands for the Character Recognition of Magnetic Ink. It is used by the banks to identify the details such as account number, bank branch code, bank code, etc, almost all the banks worldwide use these MICR numbers in their checks and demand drafts. The MICR Reader can read all of the information that is written in the corresponding format in a cheque.


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