The Reserve Bank of India has made it mandatory to print Magnetic Ink Character Recognition (MICR) and Indian Financial Service code (IFSC) on the passbook and statement of account of the account holders.
As per RBI guidelines 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. At present MICR code is available on the cheque leaf along with the IFSC code of the branch.
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, RBI said in the statement.
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