Which of the following statements about the MICR code on a cheque are correct?
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MICR stands for Magnetic Ink Character Recognition and is a 9-digit code.
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The first three digits represent the name of the bank.
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The last three digits represent the location or branch name of the bank
1
1 only
2
2 only
3
3 only
4
1 and 2 only
5
1 and 3 only