Monday, 23 April 2012

RBI circular on MICR & IFSC codes on passbooks / chequebooks

DPSS (CO) RTGS No. 1934/04.04.002/2011-12

April 20, 2012

The Chairman and Managing Director /
Chief Executive Officer of all banks participating in RTGS, NEFT and NECS

Dear Sir/Madam,

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

As you are aware, the 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.

2. 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 passbook / statement of account of the account holders.

3. Banks are accordingly advised to take necessary steps to provide this information as indicated above in all passbook / statement of account to their account holders.

4. Please acknowledge receipt and furnish an action taken report within 15 days of receipt of the circular.

Yours faithfully,

Chief General Manager
(Vijay Chugh)


Full text of MICR code is :


In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.

MICR code consists of 9 digits

First three digits (1-3) denote city and are same/identical as the first three digits of your pin code
For example first three digits of Pin code of  New Delhi =110; hence, first three digits of MICR code of all the bank branches located in New Delhi must be 110.

4-6 digit denotes Bank
Each bank has been given a three digit code for the digits from 4-6 = bank code eg. SBI code is "002"so 4-6 digits of MICR code of all branches of SBI in India would be "002" irrespective of location.

(7-9)Last three digits denote branch code serial wise, which means if Delhi has only one branch of SBI, then its MICR code would be





So if you are in Delhi & your client has given you an MICR code of a bank located in New Delhi which doesn't begin with "110",you can easily tell him his MICR code is wrong.

1 comment:

  1. this is great share, please provide ifsc code list for all the banks in India