What changed
RBI directed banks to capture and display remitter details from NEFT message field 6091 (mandatory) and optional field 7495 on request, and print ECS 'user name' and 'user credit reference' fields in passbooks/statements. Generic mentions like 'NEFT' are no longer sufficient. Banks must enable CBS to store and retrieve this data for customer access online or at branches.
What it means for you
Banks must upgrade CBS to extract and print remitter details from payment messages, ensuring customers can identify credit sources. This reduces complaints about incomplete information and standardizes disclosures across banks. Originating banks must also ensure meaningful data in relevant fields. Compliance is mandatory by January 1, 2011.
What you must do
- Enable CBS to capture and print remitter name from NEFT field 6091 in passbooks/statements for all inward credits.
- Store optional NEFT field 7495 data and provide it to customers on request.
- Print ECS 'user name' and 'user credit reference' fields in passbooks/statements for NECS/ECS credits.
- Advise sponsor banks to ensure user institutions fill ECS fields meaningfully.
- Ensure originating banks populate all relevant fields accurately in messages/data files.
Who it affects
All member banks participating in NEFT, NECS, and ECS, Core Banking Solutions (CBS) teams, Branch operations and customer service staff, Sponsor banks and user institutions for ECS
What specific NEFT field must be printed in passbooks?
The mandatory field 6091 containing the remitter's name must be printed in passbooks/account statements for inward NEFT credits.
Can banks provide additional details beyond the minimum?
Yes, banks are free to provide any additional details they deem necessary or useful, as per paragraph 4 of the circular.
When must banks comply with these instructions?
Compliance is required latest by January 1, 2011, as stated in paragraph 6 of the circular.