Which of the following is the correct full form of MICR, widely used in the banking industry for processing cheques?
A. Maximum Ink Character Rate
B. Magnetic Internal Code Reader
C. Magnetic Information Character Reader
D. Magnetic Ink Character Recognition
Answer: Option D
Solution (By JKExamLibrary)
MICR stands for Magnetic Ink Character Recognition. It is a character recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
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