Printing of MICR Code and IFSC Code on Passbook/Statement of Account

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.

1. Bank customers have an additional authenticated source of MICR/IFSC Code.
2. Ease in sharing MICR/IFS Code with any remitters.
3. Increase in success rate for ePayments.