News

Banks should alert customers after transaction: RBI
By SiliconIndia   |   Wednesday, 01 July 2009, 23:29 Hrs   |    4 Comments
 Print Email
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

Write your comment now
 
Reader's comments(4)
1: It is expected to be implemented right away.
Posted by:raja - 04 Jul, 2009
2: This is a gr8 move from RBI, but doesn\'t know whether the Bank will implement this :( :(
Posted by:Vinod Kulkarni - 03 Jul, 2009
3: This will help the customers to know if there are any unwanted transactions in his account. Good move by RBI.
Posted by:Frank - 01 Jul, 2009
4:
Will the SBI, Sagar Tower, Janakpuri, Delhi implement it? They are a law unto themselves.
Angel Soldiered Replied to: Frank - 05 Jul, 2009
Beautiful and dress selection, please go to Dresses
Sign Up for DailyDose and Read the Day's Highlights
Email:
SiliconIndia:  About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap
News:       Technology   |   Enterprise   |   Tech Products   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Dailydose   |   News archive  
Network:      Network   |   Profile   |   Messages   |   Find   |   Blogs   |   Events   |   Q&A   |   CXO Insights  
Career:      Jobs   |   Companies   |   Mentorship   |   Videos   |   Career blogs  |   Training Institute  |   Freshers
Online courses:   Web developer   |   Java developer   |   CCNA training   |   SEO   |   SAS   |   SQL server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Overseas Education   |   Internship
Life:           Jokes   |   Bookstore   |   Relocate  |   Marketplace
Cities:         Startup   |   Real estate   |   Finance  
Send your and help us continue to improve SiliconIndia
© 2012 SiliconIndia all rights reserved