What is MICR code?
MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. The MICR code consists of 9 digits : (e.g 411229003) First 3 digits represent the city (411229003 )Next 3 digits represent the bank (411229003 )Last 3 digits represent the branch (411229003 )
The MICR Code allotted to a bank branch is printed on the MICR band of cheque leaves issued by bank branches. in the country. As on November 30, 2010 there are more than 72,000 RTGS enabled bank branches.
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