Business Daily from THE HINDU group of publications
Wednesday, Feb 06, 2008
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Business Daily from THE HINDU group of publications Wednesday, Feb 06, 2008 ePaper | Mobile/PDA Version |
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RBI & Other Central Banks Money & Banking - Financial Services
G. Naga Sridhar Hyderabad, Feb. 5 If you have given instructions to your bank for payments through Electronic Funds Transfer (EFT), it is better to check the status. While ICICI Bank has already stopped EFT from February 1, there could be other banks following suit. A possible misinterpretation of Reserve Bank of India’s circular dated January 8 on discontinuation of EFT has resulted in ICICI Bank asking its customers to switch over to other modes of payments. A message to this effect on the bank’s portal caused confusion to a large number of customers as sudden stoppage of payments could mean serious trouble. “The RBI circular, addressed to all member banks of Brihan Mumbai bankers’ clearing house, says that the EFT system for transfer of funds to customers could be used up to January 31. “We acted on this,” an ICICI official told Business Line from Mumbai. However, there is no clarity among the ICICI officials whether the RBI’s directive is applicable to non-Mumbai centres. The directive also did not indicate withdrawal of EFT from February 1 in categorical terms. A HDFC Bank official in Mumbai denied receiving any circular on EFT. A sudden stoppage of EFT could cause problem to a customer as some banks are still not part of National Electronic Funds Transfer (NEFT), though RBI wants to promote it in place of EFT, the official explained. A RBI spokesperson said EFT is “very much in use.” More Stories on : RBI & Other Central Banks | Financial Services | ICICI Bank Ltd
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