RBI asks banks to provide adequate transaction details in passbooks, statement of accounts

RBI asks banks to provide adequate transaction details in passbooks, statement of accounts

Mumbai, June 23 (KNN) Pointing that some banks do not provide adequate details of transactions on bank passbooks and statement of accounts, Reserve Bank of India (RBI) has advised banks to provide minimum the relevant details in respect of entries in the accounts.

In a notification, RBI said, “ It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and/ or statements of account to enable the account holders to cross-check them. In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts.”

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Banks shall also incorporate information about ‘deposit insurance cover’ along with the limit of coverage, subject to change from time to time, upfront in the passbooks, RBI added.

Earlier, the Reserve Bank had advised them to avoid inscrutable entries in passbooks/statements of account and ensure that brief, intelligible particulars are invariably entered with a view to avoiding inconvenience to depositors.

The details to be provided by banks in passbooks, include name of the payee, mode of transaction, nature of the charges (like fee/ commission/ fine/ penalty), and loan account number.

 

 

Source by knnindia..

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