Full form of MICR Magnetic Ink Character Recognition . The machine that can read MICR text is called MICR Reader . MICR is written with the help of magnetic ink or ferrospheric oxide ink . When the paper written in this ink is placed in a strong magnetic field, the ferrospheric oxide of the ink becomes a magnet. These electromagnets then generate an electric current by electromagnetic induction. The computer understands and stores what is being read from the value of this obscure current. In this method the check number of the bank check is written and read. In advanced banking system, MICR is used with computer to control customer's account number , amount of money deposited , interest calculation etc. Some banks issue plastic identity cards to customers. It is possible to withdraw money by inputting the card at the bank counter. This does not require any bank staff. In some banks MICR is used to verify the account number and signature of the customer.