Printing of MICR, IFSC code mandatory
Moneylife Digital Team 10 May 2012

RBI  has made it mandatory for all banks to print the MICR (magnetic ink character recognition) and IFSC (Indian financial system code) on the passbook and statement of account of the customers.

“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...

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