Printing of MICR, IFSC code must on passbook, account statement: RBI

“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,” RBI said

Mumbai: The Reserve Bank of India (RBI) has made it mandatory for all banks to print the MICR and IFSC code on the passbook and statement of account of the customers, reports PTI.

“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,” the RBI 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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COMMENTS

Hoshang Nekoo

5 years ago

More then MICR code, Complete address of the bank with telephone and fax nos. Important Direct Telephone no. of the Bank manager of the Branch. The same should alo be printed on Fixed deposit receipts as many do not have an account with bank but has F.D. My very recent experience was irrespective of telephoning direct on Bank Branch telephone no. the telephone after some repeated ring the call is answered by their call centre. On asking for correct telephone no. of the branch I was given the same no. which I was dialling correctly. Same thing happened again when my call was answered by call centre. On enquiring I was told that if my call is not picked up by the staff at the branch the call gets automatically diverted to call centre. So the call never gets answered by staff at the branch. On my being little forceful she took down my mobile no. and said that someone from branch will call you. After 15 min. I received a call . Therefore a direct Tel. No. of Bank Manager of the brnch should be mandatory printed on the pass book.

Tata Steel to commission Kalinga Nagar plant by March 2013

“We expect European steel demand to grow at around 2% to 3% this financial year, so it is unlikely that our plants would operate at full capacity,” Tata Steel managing director H M Nerurkar said

Tata Steel plans to commission the first phase of its upcoming steel plant at Kalinga Nagar in Odisha by March next year, reports PTI.

“It [the commissioning] will be somewhere between October and March [next year]. The first phase will have a capacity of 3.5 million tonne,” Tata Steel managing director H M Nerurkar said.

He added that the Tata group firm will invest about 400-500 million pounds this year and over the next three financial years on its European unit to continue to upgrade its facilities there.

Due to sluggish demand in Europe, the company expects to run its European units at 80%-85% capacity in current fiscal, he said.

“We expect European steel demand to grow at around 2% to 3% this financial year, so it is unlikely that our plants would operate at full capacity,” Mr Nerurkar said.

In the late afternoon session, Tata Steel was trading at around Rs469.50 per share on the Bombay Stock Exchange, 0.19% down from the previous close.

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Linc Pen to enter premium segment

“We will be launching our brand 'Cruiser' by August. The pens will be priced above Rs1,000 apiece. We are building products under this brand,” Linc Pen and Plastics managing director Deepak Jalan said

Mumbai: Linc Pen and Plastics plans to launch premium ‘Cruiser’ brand of pens, which will cost upwards of Rs1,000 apiece, reports PTI.
 
“We will be launching our brand ‘Cruiser’ by August. The pens will be priced above Rs1,000 apiece. We are building products under this brand,” Linc Pen and Plastics managing director Deepak Jalan told PTI.
 
The premium pen market is dominated by global brands like Parker, Mont Blanc and Cross.
 
“The Cruiser is an in-house brand and the positioning is in the premium category,” he said, adding the pens are made in Germany and Taiwan.
 
The Kolkata-headquartered company also plans to consolidate its pencil brands to two to three brands.
 
“It has been a trend in the industry to have multiple pencil brands from the same company. This is the trend that even we have been following. We have too many pencil brands. We would like to consolidate and focus on two to three brands now,”   he said.
 
The company plans to increase the prices by 3%-5% across select products from May.
 
In the late afternoon trade, Linc Pen was trading at around Rs53.75 per share on the Bombay Stock Exchange, 2.67% up from the previous close.

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