The RBI on Thursday asked banks to provide "adequate details" of transactions in the passbooks and statements of accounts so that customers can crosscheck them. Earlier, the Reserve Bank had advised banks to avoid inscrutable entries in passbooks or statements of account and ensure that brief, intelligible particulars were invariably entered with a view to avoiding inconvenience to depositors. However, the RBI today said it has come to its notice that many lenders still do not provide adequate details. <br/><br/>The Apex Bank said in the interest of better customer service, it has decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts. The details to be provided by banks in passbooks include name of the payee, mode of transaction, nature of the charges like fee, commission, fine or penalty, and loan account number.
News On AIR | June 22, 2017 8:48 PM
Provide "adequate details" of transactions in passbooks: RBI to banks