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The Reserve Bank of India has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers.
“Currently, the MICR (Magnetic Ink Character Recognition) code is available on the cheque leaf along with the IFSC (Indian Financial System Code) 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.
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