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Banks to follow NEFT guidelines strictly: RBI

RBI has asked banks to educate all their staff about the NEFT process in general

January 23, 2014 8:25 IST | India Infoline News Service
The Reserve Bank of India on Tuesday directed banks to strictly follow guidelines on NEFT, an online inter and intra bank fund transfer.

"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," RBI said in a notification.

It has asked banks to educate all their staff about the NEFT process in general and extension of the facility to customers and charges applicable on the service, it said.

Banks should ensure that NEFT applications forms with proper instructions are made available at all branches, it said.

The charges applicable on NEFT transactions should be displayed at all branches or locations of the bank where NEFT transactions can be conducted, it said.

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.

The 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 RBI 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.

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