RBI, DPSS has announced
another customer-friendly initiative. It has advised all Chairman
and Managing Director / Chief Executive Officer of all banks
participating in RTGS, NEFT and NECS to make arrangements for
Printing of MICR Code and IFSC Code on Passbook/Statement of Account
The relevant RBI
notification can be accessed here.
The display of MICR Code
and IFSC Code is presently available only on the Cheque leaf of the
account holder.
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.
To improve customer
efficiency levels and to ensure a high success rate for ePayments,
RBI has advised Banks to take necessary steps to provide this
information as indicated above in all passbook / statement of account
to their account holders.
The respective Banks
have to furnish to RBI, an action taken report within 15 days of
receipt of this circular.
3 immediate benefits of
this RBI Notification.
- Bank customers have an additional authenticated source of MICR/IFSC Code.
- Ease in sharing MICR/IFS Code with any remitters.
- Increase in success rate for ePayments.
1 comment:
You can search isfc code from ifsc code website online.
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