| Date: |
11-04-2005
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| Notification No: |
RBI Notification No 255/2005
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| Issuing Authority: |
RBI
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| Type: |
Notification
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| File No: |
DIT (CO) No. 255/09.63.99/2004 |
| Subject: |
Provision for compensation for delayed credit – ECS / EFT / SEFT
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The Chairmen & Chief Executive of all commercial banks.
Dear Sir
Provision for compensation for delayed credit – ECS / EFT / SEFT
It has been brought to our notice that the compensation in case of delayed credit of ECS funds to the beneficiaries / customers is not being paid until they demand for it. We would like to once again reiterate that compensation in such cases has to be paid by the banks suo moto instead of waiting for a claim by the customers in line with the extant instruction issued by DBOD on the subject of delayed credit to customer accounts for collection of outstation cheques.
Yours faithfully
(Kaza Sudhakar)
General Manager
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