Banks should alert customers after transaction: RBI

Bangalore: To keep the account holders updated on their banking transactions, Reserve Bank of India (RBI) has issued an order to all the banks to send a SMS or an email to the customer immediately after a transaction is made. Presently, only a few banks offer this service to its customers.

According to RBI, some of the trade bodies and business councils have brought to its notice their difficulties on account of banks not notifying the Real Time Gross Settlement (RTGS) debits/credits as and when the same takes place in the customers' accounts. According to Rupee Times, the move has been made considering the increased number of notifications the bank has received from trade bodies and business councils stating that the dealing banks do notify the RTGS transactions as and when they take place.

The RTGS Business Guidelines state that the funds which are not credited to the beneficiary account due to some reason must be reverted to sender's account within a stipulated time of one and half hours. RBI has asked all the RTGS participant banks to implement the new return guidelines by 15th of this month