On April 21, 2012 16:47 (IST)
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.
On April 09, 2012 20:21 (IST)
The move will enable all the banks to transfer funds electronically through real time gross settlement system (RTGS) and national electronic funds transfer (NEFT).