Question
Which of the following is NOT correct about MICR?
Which of the following is NOT correct about MICR?
i. Magnetic ink character recognition code (MICR Code) used mainly by the banking industry to ease the processing and clearance of cheques
ii. MICR encoding typically includes bank code, bank account number, cheque number and a control indicator
iii. It’s a 11-digit code to identify which shows whether the cheque is real or fake
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