Macro Economy

Adhere to NEFT norms, RBI tells banks

Our Bureau Mumbai | Updated on January 22, 2014 Published on January 22, 2014

RBI wants customers to be guided on applicable charges

The Reserve Bank of India on Wednesday warned banks that non-adherence to its instructions on customer service and charges relating to the National Electronic Fund Transfer (NEFT) will be viewed seriously as it brings disrepute to the NEFT system.

The RBI issued this warning as it found that in many cases the officers/staff dealing with the NEFT desk at different branches were not aware of many of the features of NEFT and customers were not guided properly.

Further, as regards the applicable charges for NEFT transactions, it was observed that in many branches the dealing officials/staff were unaware of the actual charges for the service and there was no board or material displaying the relevant charges for customers wanting to remit funds.

It was also observed that some large banks were diverting the walk-in customers / non-account holders / non-home branch customers to customer service points/agents for undertaking such transactions where the customers were being levied charges far higher than those mandated for NEFT transactions.

To remedy the situation, the RBI has asked all banks to educate their staff/officials about the NEFT process in general and extension of the facility to walk-in customers and customer charges applicable on NEFT.

The RBI has asked banks to ensure that NEFT application forms with proper instructions are made available at all branches.

The extant charges applicable on NEFT transactions should be displayed at all branches/locations of the bank where NEFT transactions can be conducted.

A printed “charges card” in appropriate vernacular language should invariably be carried by agents / business correspondents of the banks.

The RBI wants banks to ensure that the charges levied on customers for inter-bank NEFT transactions at both branch locations and customer service points / business correspondents / agent locations are at par.

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Published on January 22, 2014
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