Digital Financial Tools and Applications Question Answer

Banks use this machine to process large number of cheques


Banks use this machine to process large number of cheques

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Topic : Digital Financial Tools and Applications

A. OMR

B. OCR

C. Barcode Reader

D. MICR




Correct Answer

D. MICR


Explanation :

MICR stands for Magnetic Ink Character Recognition. It is a technology used primarily in the banking industry for the processing of checks. MICR encoding involves the printing of characters using magnetic ink, which contains iron oxide. The characters are printed in a specific font and with a specific arrangement to make them easily recognizable and readable by machines.



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