RBI tells banks to provide adequate transaction details in passbooks

Mumbai, June 22 (IANS) The Reserve Bank of India (RBI) on Thursday advised commercial banks to provide adequate transaction details in the passbooks of account holders.

"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," the apex bank said in a notification.

"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."

According to RBI, banks invariably show the entries in depositors passbooks, statement of accounts as "By Clearing" or "By Cheque".

"Further, in the case of Electronic Clearing System (ECS) and RBI Electronic Funds Transfer (RBIEFTR) banks invariably do not provide any details even though brief particulars of the remittance is provided to the receiving bank. In some cases, computerised entries use sophisticated codes which just cannot be deciphered," the notification read.

"With a view to avoiding inconvenience to depositors, banks are advised to avoid such inscrutable entries in passbooks, statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks, statements of account."

The RBI advised banks that cheque books should be delivered over the counters on request of the depositor.