RBI/2011-12/516
DPSS (CO) RTGS No. 1934/04.04.002/2011-12
April 20, 2012
The Chairman and Managing Director /
Chief Executive Officer of all banks participating in RTGS, NEFT and NECS
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)
Chief General Manager
CAclubindia
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Notification No : RBI/2011-12/516Published in Others