RTGS / NEFT Return Transactions – Information in Account Statement

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 @

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5945&Mode=0

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.

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.

IndiaPay-The Brand Name for the Cards Network to be launched by NPCI

NPCI has chosen INDIAPAY as the Brand name of the new Cards Network to be launched by it.

But a Google search shows that INDIAPAY is already registered as a company name, with presence in Electronic Payment Processing.

Hence, it would be nice if NPCI launches a public competition, for a new Brand Name for the Pan-Indian Cards Network.

This would aid as a public relations campaign for the proposed network, and also create a buzz around it.

Dhanlaxmi Bank - Credit Card - Payment through NEFT

Dhanlaxmi Bank has recently launched its Credit Cards.

The detials to pay the Dhanlaxmi Bank's Credit Card dues through NEFT are

with IFS Code - DLXB0000999 and Transaction Code: 52

NEFT Network Banks – 99 now.

NEFT Network Banks – 99 now.
NEFT is for a major break-through. As on July 13th, 2010, 99 Banks were on the NEFT Network.
Just 1 short of 100. And, I am sure that the number 100 will be crossed by this month end only.

The List of Banks on NEFT network is as under:-
The next step I am looking is the crossing of 75,000 + branches.
This step should be scaled by this year end, or even earlier.

One most significant factor to be noticed is that more and more Co-operative Sector Banks are joining the NEFT bandwagon.

Almost all the Mumbai based co-operative banks are part of the NEFT network now.

Co-operative banks have few branches, but as a large number of local prefer additional accounts, these banks have an important role to play in the rapid acceleration of ePayments



Sr. No. Bank Name No. of branches as on July 13, 2010
1. ABHYUDAYA COOP BANK - NEFT Participant Bank 88
2. ABU DHABI COMMERCIAL BANK - NEFT Participant Bank 2
3. AHMEDABAD MERC COOP BANK - NEFT Participant Bank 22
4. ALLAHABAD BANK - NEFT Participant Bank 1009
5. ANDHRA BANK - NEFT Participant Bank 1558
6. AXIS BANK - NEFT Participant Bank 1007
7. B N PARIBAS BANK - NEFT Participant Bank 8
8. BANK OF AMERICA - NEFT Participant Bank 5
9. BANK OF BAHREIN & KUWAIT - NEFT Participant Bank 1
10. BANK OF BARODA - NEFT Participant Bank 3099
11. BANK OF CEYLON - NEFT Participant Bank 1
12. BANK OF INDIA - NEFT Participant Bank 3214
13. BANK OF MAHARASHTRA - NEFT Participant Bank 1456
14. BANK OF NOVA SCOTIA - NEFT Participant Bank 5
15. BANK OF RAJASTHAN - NEFT Participant Bank 463
16 BANK OF TOKYO-MITSUBISHI - NEFT Participant Bank 3
17. BARCLAYS BANK - NEFT Participant Bank 1
18. BASSEIN CATHOLIC CO-OP BANK* - NEFT Participant Bank 27
19. BHARAT COOPERATIVE BANK - NEFT Participant Bank 34
20. CREDIT AGRICOLE CORPORATE AND INVESTEMENT BANK 6
21. CANARA BANK - NEFT Participant Bank 3120
22. CATHOLIC SYRIAN BANK - NEFT Participant Bank 362
23. CENTRAL BANK OF INDIA - NEFT Participant Bank 2599
24. CHINATRUST COMMERCIAL BANK - NEFT Participant Bank 1
25. CITI BANK - NEFT Participant Bank 42
26. CITIZEN CREDIT COOP BANK - NEFT Participant Bank 28
27. CITY UNION BANK - NEFT Participant Bank 224
28. CORPORATION BANK - NEFT Participant Bank 1139
29. COSMOS CO-OP. BANK - NEFT Participant Bank 101
30. DENA BANK - NEFT Participant Bank 1133
31. DEUTSCHE BANK - NEFT Participant Bank 16
32. DEVELOPMENT BANK OF SINGAPORE - NEFT Participant Bank 6
33. DEVELOPMENT CREDIT BANK - NEFT Participant Bank 84
34. DHANALAKSHMI BANK - NEFT Participant Bank 271
35. DICGC - NEFT Participant Bank 1
36. DOMBIVLI NAGARI SAHAKARI BANK LTD - NEFT Participant Bank 29
37. FEDERAL BANK - NEFT Participant Bank 679
38. GREATER BOMBAY CO-OP. BANK LTD - NEFT Participant Bank 18
39. HDFC BANK LTD. - NEFT Participant Bank 1741
40. HONG KONG & SHANGHAI BANK - NEFT Participant Bank 51
41. ICICI BANK LTD. - NEFT Participant Bank 1821
42. IDBI BANK - NEFT Participant Bank 777
43. INDIAN BANK - NEFT Participant Bank 1710
44. INDIAN OVERSEAS BANK - NEFT Participant Bank 2012
45. INDUS-IND BANK - NEFT Participant Bank 215
46. ING VYSYA BANK - NEFT Participant Bank 503
47. JAMMU & KASHMIR BANK - NEFT Participant Bank 388
48. JANKALYAN SHAKARI BANK - NEFT Participant Bank 26
49. JP MORGAN CHASE BANK - NEFT Participant Bank 1
50. KALUPUR COMM COOP BANK - NEFT Participant Bank 36
51. KALYAN JANATA SAHAKARI BANK - NEFT Participant Bank 16
52. KAPOLE BANK - NEFT Participant Bank 1
53. KARNATAKA BANK - NEFT Participant Bank 476
54. KARNATAKA STATE COOP APEX BANK - NEFT Participant Bank 1
55. KARUR VYSYA BANK - NEFT Participant Bank 365
56. KOTAK MAHINDRA BANK - NEFT Participant Bank 259
57. LAKSHMI VILAS BANK - NEFT Participant Bank 293
58. MAHANAGAR COOP BANK - NEFT Participant Bank 28
59. MASHREQ BANK - NEFT Participant Bank 1
60. MEHSANA URBAN COOPERATIVE BANK LTD - NEFT Participant Bank 25
61. MIZUHO CORPORATE BANK LTD - NEFT Participant Bank 1
62. MSCB - NEFT Participant Bank 35
63. NAINITAL BANK LTD - NEFT Participant Bank 101
64. NEW INDIA CO-OPERATIVE BANK - NEFT Participant Bank 19
65. NKGSB BANK - NEFT Participant Bank 38
66. NUTAN NAGARIK SAHAKARI BANK - NEFT Participant Bank 20
67. OMAN INTERNATIONAL BANK - NEFT Participant Bank 1
68. ORIENTAL BANK OF COMMERCE - NEFT Participant Bank 1570
69. PARSIK JANATA SAHAKARI BANK - NEFT Participant Bank 25
70. PUNJAB AND MAHARASHTRA BANK COOP LTD - NEFT Participant Bank 34
71. PUNJAB AND SIND BANK - NEFT Participant Bank 371
72. PUNJAB NATIONAL BANK - NEFT Participant Bank 4855
73. RATNAKAR BANK - NEFT Participant Bank 88
74. RESERVE BANK OF INDIA - NEFT Participant Bank 4
75. SARASWAT CO-OPERATIVE BANK - NEFT Participant Bank 216
76. SHAMRAO VITHAL COOP BANK - NEFT Participant Bank 90
77. SHINHAN BANK - NEFT Participant Bank 2
78. SOCIETE GENERALE - NEFT Participant Bank 2
79. SOUTH INDIAN BANK - NEFT Participant Bank 581
80. STANDARD CHARTERED BANK - NEFT Participant Bank 95
81. STATE BANK OF BIKANER AND JAIPUR - NEFT Participant Bank 866
82. STATE BANK OF HYDERABAD - NEFT Participant Bank 1206
83. STATE BANK OF INDIA - NEFT Participant Bank 13090
84. STATE BANK OF INDORE - NEFT Participant Bank 480
85. STATE BANK OF MAURITIUS - NEFT Participant Bank 1
86. STATE BANK OF MYSORE - NEFT Participant Bank 689
87. STATE BANK OF PATIALA - NEFT Participant Bank 869
88. STATE BANK OF TRAVANCORE - NEFT Participant Bank 751
89. SURAT PEOPLE’S CO-OP BANK** - NEFT Participant Bank 23
90. SYNDICATE BANK - NEFT Participant Bank 2362
91. TAMILDADU STATE APEX COOP BANK - NEFT Participant Bank 1
92. TAMILNADU MERC. BANK - NEFT Participant Bank 218
93. THANE JANATA SAHAKARI BANK - NEFT Participant Bank 54
94. THE ROYAL BANK OF SCOTLAND - NEFT Participant Bank 31
95. UCO BANK - NEFT Participant Bank 2153
96. UNION BANK OF INDIA - NEFT Participant Bank 2895
97. UNITED BANK OF INDIA - NEFT Participant Bank 1556
98. VIJAYA BANK - NEFT Participant Bank 1244
99. YES BANK - NEFT Participant Bank 150
Total 69395