MICR, IFSC code mandatory for passbook, account statement: RBI
21 April 2012
Banks have to mandatorily print the MICR and IFSE codes on the passbook and statement of account of the customers, the Reserve Bank of India (RBI) said in notification on Friday.
The MICR code is necessary for all electronic clearing service - both credit and debit transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions.
''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 its notification.
RBI has asked banks to take necessary steps to provide this information in all passbook / statement of account to their account holders.