Shares the Knowledge !

Reserve Bank of India directed Banks to Print MICR and IFSE code on the passbook

The Reserve Bank of India on 21 April 2012 directed all commercial banks to print the MICR and IFSE code on the passbook and statement of account of the customers. The bank made the printing of MICR and IFSE code compulsory for all the banks.

The banks, under their current practice, provide MICR code on the cheque leaf along with the IFSC code of the branch.

Under the RBI guidelines, MICR code is mandatory 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.

MICR (Magnetic Ink Character Recognition) is the bottom line on all checks. It is printed using a special font.

IFSC Code (Indian Financial System Code) is an eleven character code assigned by RBI to identify every bank branches uniquely, that are participating in NEFT system in India. This code is used by electronic payment system applications such as RTGS, ,National Electronic Fund Transfer and CFMS.



Post a Comment

Upsc - Civils Preparation

Exam Strategy
Tips and Tricks
Preparation and Guidance
Optional Subjects - Preparation
Optional Subjects - Guidance
Many more >>

Bank Exams Preparation

Bank, Currency, Money, RBI,
Budget, Planning, Stock Exchange
Insurance, Taxation, International Organizations
Economic Issues, Fiscal Policy, Committee or Commissions
Many more >>

Computer Knowledge

History, Generations, Terminology
Hardware, Software, Internet
Networks, Shortcut Keys
Many more >>

Interview Preparation

General Do's and Don'ts in Interview
Entry and Dressing up
How to prepare?, Qualities judged
Many more >>