The correct answer is MICR.
Key Points
- MICR- Magnetic Ink Character Recognition
- It is a technology used primarily to identify and process checks.
- The MICR on a check is the string of characters that appears at the bottom left of the check.
- It consists of three groups of numbers, including the bank routing number, the account number, and the check number.
Additional Information
- OCR- Optical Character Recognition
- It is a widespread technology to recognize text inside images, such as scanned documents and photos.
- It is used to convert virtually any kind of image containing written text (typed, handwritten, or printed) into machine-readable text data.
- OMR- Optical Mark Recognition
- It is the process of reading information that people mark on surveys, tests, and other paper documents.
- IFSC- Indian Financial System Code
- It represents the 11 digit character on our bank’s cheque leaves, or other bank-sponsored material.
- This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
