RTGS / NEFT / NECS / ECS - Delays in affording credits and / or return of transactions by member banks

 RTGS / NEFT / NECS / ECS - Delays in affording credits and / or return of transactions by member banks

Today, RBI, DPSS has issued a follow-up Notification, emphasizing the need for Banks to adhere to the procedural guidelines, with respect to Credits through

1)   RTGS 

2)   NEFT 

3)   ECS 

4)   NECS

AND also

1) Return of transactions by member banks

The circular no is RBI/2010-11/155 DPSS (CO) EEPD No. 282 / 04.03.01 / 2010-11 dt.  August 5, 2010, addressed to The Chairman and Managing Director / Chief Executive Officer of member banks participating in RTGS / NEFT / NECS / ECS

The full Notification is @

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5927&Mode=0

Why was this Notification required?

a)      Increase in number of complaints by the Bank’s customers to Reserve Bank of India.

b)    The need to maintain credibility of RTGS / NEFT / NECS / ECS Schemes

Is any action required by the Bank customers, to ensure that the credit reaches the Beneficiary in time.

Yes, the remitting customers need to ascertain the complete details of the Beneficiaries’, before they request their bankers to execute the RTGS/NEFT transactions.

a)      Beneficiary Account No

b)      Beneficiary Account Holder Name

c)      Beneficiary Bank

d)     Beneficiary IFSC

Nothing more, nothing less.