MICR, IFSC code must on passbook, a/c statement: RBI | india | Hindustan Times
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MICR, IFSC code must on passbook, a/c statement: RBI

The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers.

india Updated: Apr 21, 2012 15:40 IST
A-policeman-stands-guard-outside-the-head-office-of-the-Reserve-Bank-of-India-RBI-in-Mumbai-AFP-PHOTO-Punit-Paranjpe
A-policeman-stands-guard-outside-the-head-office-of-the-Reserve-Bank-of-India-RBI-in-Mumbai-AFP-PHOTO-Punit-Paranjpe

The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers.

"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," RBI said in a statement.

As per RBI guidelines, MICR code is necessary for all electronic clearing services (credit and debit) transactions. IFSC code is a pre-requisite for national electronic funds transfer (NEFT) and real time gross settlement (RTGS) transactions.