In processing cheques which of the following I/O techniques have banks traditionally followed?

A. OCR (Optical Character Recognition)

B. MICR (Magnetic Ink Character Recognition)

C. Barcode

D. VRT (Volume Rendering Technique)

E. None of these

Answer: Option B

Solution(By Examveda Team)

MICR code is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents. The MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount, and a control indicator.

Source : wikipedia.org