NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars
The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT
NEFT – Customer Service and Charges – Adherence to Procedural Guidelines and Circulars
The National Electronic Fund Transfer (NEFT) System, operational
since November 2005 has seen an exponential growth in terms of volumes
handled by the system, with a vast number of customers (individuals,
corporates and Governments) using NEFT to meet their funds transfer
requirements. Over a period of time, the Reserve Bank of India has
introduced many efficiency enhancement features and customer service
requirements in the system so as to meet the expectations of the growing
number of users of NEFT.
2. Some of the above measures include (i) the facilitation of
walk-in customers (those not having an account with that bank) to
initiate NEFT transactions to any bank account vide our Circular DPSS
(CO) No. 1591/04.03.01/2007-08 dated April 03, 2008; (ii) providing
positive confirmation through SMS or e-mail to the remitting customer
after the funds have been credited to the account of the beneficiary
vide our circular DPSS CO EPPD No.168/04.03.01/2009-2010 dated February 5, 2010;
(iii) payment of penal interest by banks for delays in credit to
beneficiary’s account or return of uncredited funds to the remitter
vide our circular DPSS (CO) EPPD No.477/04.03.01/2010-11 dated September 1, 2010;
(iv) furnishing appropriate details in pass book / account statement
for credits sent / received by the customers through NEFT vide our circular DPSS (CO) EPPD No.788/04.03.01/2010-11 dated October 8, 2010;
(v) rationalisation of charges levied to customers for NEFT
transactions and indicating the maximum that can be recovered by banks
from their customers vide our circular DPSS CO (EPPD) /98/04.03.01/2012-13 dated July 13, 2012.
3. However, in recent times, we have been receiving customer
complaints on many of these issues. Further, various surveys conducted
by RBI and incognito visits to the bank branches at different places
revealed that many of bank branches do not adhere to the above
guidelines. It was also observed that, in many cases the officers/staff
dealing with the NEFT desk at different branches were not aware of many
of the above features of NEFT and customers were not guided properly.
4. 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 NEFT and there was no board or
material displaying the NEFT charges for customers wanting to remit
funds. It was also observed that few 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.
5. Such non-adherence to instructions, including those on
transaction charges, issued by the RBI under the Payment and Settlement
Systems Act, 2007, will be viewed seriously as it brings disrepute to
the NEFT system. Hence, it is reiterated that the instructions issued
by the Reserve Bank should be adhered to by direct as well as sub-member
banks in the NEFT, in both letter and spirit.
6. In this context, banks are advised to:
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Educate all their staff / officials about the NEFT process
in general and extension of the facility to walk-in customers and
customer charges applicable on NEFT, in particular, as outlined in the
Procedural Guidelines for NEFT and instructions issued by the Reserve
Bank from time to time on NEFT.
-
Ensure NEFT applications 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.
-
Ensure that the charges levied on customers for inter-bank
NEFT transactions at both branch locations and CSP/BC/agent locations
are at par. Further, it should be ensured that the customers should not
be forcibly diverted to BC/CSP/agent locations from the branches for
conducting NEFT transactions.
-
Ensure that positive confirmation of credit to beneficiary
account is invariably sent for all inward transactions received by
them. Similarly, banks originating the NEFT transactions may ensure
that such positive confirmation is relayed to all remitting customers,
including walk-in customers who provide their mobile number / e-mail
id, in accordance with our guidelines on the matter. Intimation of
failed / returned transactions should also be brought to the notice of
the remitting customer and funds credited to the account immediately /
returned to the remitted at the earliest.
-
Ensure that in case of delayed credits or delayed returns,
the penal interest as applicable is paid suo-moto to the customer
without necessitating a request for the same by the customer. Banks
resorting to back-dating or value-dating such delayed transactions are
not excused from paying the penal interest for the delayed period and
adoption of such practices will be viewed seriously.
7. Banks may arrange to intimate to this Department, data
pertaining to NEFT transactions by walk-in customers (those not having
an account with the bank) in the format attached, on a quarterly basis for the next one year, starting from quarter ended 31st March 2014.
8. These directions are issued by the Reserve Bank of India, in
exercise of the powers conferred by Section 18 of the Payment and
Settlement Systems Act, 2007 (Act 51 of 2007).
9. Please acknowledge receipt and ensure compliance.
Report showing the number of walk-in NEFT transactions processed by the bank for the quarter ended …………….
(Consolidated report to be submitted by the corporate/head
office of all NEFT member banks to the Department of Payment and
Settlement Systems, Central Office, Reserve Bank of India, Mumbai
before 10th of the following month at the end of each quarter)1. Name of the Bank :
Total number of outward NEFT transactions processed
by the bank during the quarter :
2. Of these, the number of walk-in NEFT (customers not having
account at the bank) transactions
a) Processed at bank’s branches :
b) Processed at BC/CSP/Agent locations
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