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Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch.

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Please acknowledge receipt and furnish an action taken report within 15 days of receipt of the circular. Yours faithfully, Chief General Manager Vijay Chugh WHAT IS MICR CODE Full text of MICR code is: 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. SBI code is ""so digit of MICR code all the the branches of SBI is "" irrespective of location put and call parity for american option the india.

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