RBI said in a statement, “Now 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 and statement of account of the bank account holders,” .
As per RBI guidelines, MICR code is necessary for all ECS (electronic clearing services- credit and debit) transactions. IFSC code is a pre-requisite for NEFT (national electronic funds transfer) and RTGS (real time gross settlement) transactions.
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