RBI asks banks to issue fund transfer receipts

Taking note of non-adherence by some banks to rules on sending confirmation of payments made through the National Electronic Funds Transfer (NEFT) system, the Reserve Bank of India (RBI) has directed lenders to put in place a system for issue of such receipts. In a circular, the RBI has also asked banks to give a copy of their plan within 15 days.

“All banks should put in place systems to ensure positive confirmation is sent to the originator (sender). While it is expected that such confirmation messages are sent as soon as the beneficiary account is credited, it should not exceed beyond the end-of-the-day under any circumstance,” the apex bank said.

The RBI has asked the banks to send an immediate report on the existing procedure followed by them for sending such messages — both as originator and receiver. “Banks are advised to put in place suitable mechanisms immediately by which such confirmation will be sent for all inward/outward messages, if such systems are not already in place,” the RBI said.