what is MICR ? where is it mostly used ? what are the major advantages and disadvantages of MICR and general purpose input medium?
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- Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents.
- The processing of MICR information is fast. ➨It offers greater security compare to OCR technology as printed characters can not be altered. ➨There is no manual input and hence errors are reduced. ➨The characters can be read even if somebody write on them
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