The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of customers.
"Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review, it was decided that this information should also be made available in the passbook/statement of account of the account holders," an RBI official 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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