RBI relaxes reporting of NEFT transactions by non-A/C holders

The Reserve Bank Thursday said it is discontinuing a two-year-old provision where banks had to submit data pertaining to NEFT transactions by walk-in customers not having an account with them.

PTI| Last Updated: Mar 17, 2016, 22:50 PM IST

Mumbai: The Reserve Bank Thursday said it is discontinuing a two-year-old provision where banks had to submit data pertaining to NEFT transactions by walk-in customers not having an account with them.

"It has been decided to discontinue the submission of this report by member banks, from the quarter ending March 31, 2016," the RBI said in a notification on its website.

It, however, said banks should continue to maintain the relevant records, adding as and when required, the Reserve Bank can call for ad hoc reports regarding the data.

A survey and incognito visits by the RBI at bank branches had resulted in introduction of the provision in January 2014. It was slated to be in place for a year.

"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 RBI had said.

It had asked banks to educate staff about the NEFT (National Electronic Fund Transfer) process in general and extension of the facility to walk-in customers and charges applicable for the same.