RTGS / NEFT Return Transactions – Information in Account Statement
With the exponential growth in the RTGS/NEFT Transactions, RBI, DPSs, is making all efforts to ensure that the RTGS/NEFT experience for the end-users is excellent.
In this connection, today, (13/08/2010), Reserve Bank of India, Department of Payments and Settlement Systems, has issued new guidelines.
The RBI Notification number is RBI/ 2010-11/169 DPSS (CO) RTGS No. 341 / 04.04.002 / 2010-2011 dt.August 13, 2010, addressed to Chairman and Managing Director/ Chief Executive Officer of all banks participating in RTGS and NEFT.
The circular can be accessed @
The Highlights are:
1. Uniform information for RTGS/NEFT Returns in the customer’s account statement.
2. The following are the description to be provided
a) RTGS Return transactions
-- RTGS-RETURN---
b) NEFT Return transactions
-- NEFT-RETURN—
3. The instructions will be live from 01/10/2010
Why was this Notification required?
Ø With the growth of the RTGS/NEFT transactions, the customers were finding it difficult to reconcile transactions.
Ø The non-uniformity of narration of Return Transactions, only added to the confusion.
Ø The confusion was creating issues in Service Delivery at the customer’s point of touch i.e Bank Branches, Phone Banking.
What will this Notification achieve?
v Introduce a uniform Return Description
v Reduce the opportunities for customer complaints
v Enhance the customer confidence in RTGS/NEFT System
v Encourage new entrants to ePayments
Yes, obviously System changes as well as process changes in the Banks will be essential.
FootPoint: DPSS is one of the few department’s which issues simultaneous instructions to Commercial Banks, Co-operative Banks.
1 comment:
Hey there!!
as per yr comment on Mumbai's blogger meet.
prashant said 2 weeks ago
I was part of the fabulous Hyderabad Bloggers Meet. Trust me folks, you will enjoy this bloggers meet
I just wanted to know does indiblogger team gives any memento in the end?
Just asking out of curiosity.
Thanks n good luck.
Juhi
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