Printing of MICR Code and IFSC Code on Passbook/Statement of Account - RBI - Reserve Bank of India
Printing of MICR Code and IFSC Code on Passbook/Statement of Account
RBI/2011-12/516 April 20, 2012 The Chairman and Managing Director / Dear Sir/Madam, Printing of MICR Code and IFSC Code on Passbook/Statement of Account As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. 2. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook / statement of account of the account holders. 3. Banks are accordingly advised to take necessary steps to provide this information as indicated above in all passbook / statement of account to their account holders. 4. Please acknowledge receipt and furnish an action taken report within 15 days of receipt of the circular. Yours faithfully, (Vijay Chugh) |