RTGS / NEFT Return Transactions – Information for Account Statement

RBI Issued a notification to provide the RTGS Return information in the account statement, the highlits of the notification are as under:

RTGS / NEFT Return Transactions – Information for Account Statement

Please refer to our circular RBI / 2008-09 / 499 (DPSS CO RTGS No. 2246 / 04.04.002 / 2008-2009) dated June 16, 2009. The banks were advised to provide necessary information in RTGS Return messages uniformly.

2. However, it has been brought to our notice that the customers are not provided with the necessary information on 'Return' transaction in their account statement. In the absence of required information in the account statement customers face reconciliation issues.

3. Accordingly it has been decided that all RTGS and NEFT member banks should provide the following description in the account statement of customers for RTGS and NEFT Return transactions.

4. All RTGS and NEFT participants are advised to implement the instructions latest by October 1, 2010.

Editor