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RBI Asks Banks to Provide Adequate Transaction Details in Passbooks
June 28, 2017
The Reserve Bank of India has urged the banks to provide adequate transaction details in the statement of accounts and the passbooks of their customers so that they can verify the details with higher accuracy.
The central bank had instructed the banks previously to avoid unclear entries in the statement of accounts and passbooks so as to prevent inconvenience to their customers. However, it is said that many banks have still not followed the order.
The details provided in the statement of accounts/passbooks contain payee’s name, nature of charges, mode of transactions, and the relevant account number.
