RBI directs banks to follow NEFT guidelines strictly

Tags: News
The Reserve Bank today directed banks to strictly follow guidelines on NEFT, an online inter and intra bank fund transfer.

"It is reiterated that the instructions issued by the Reserve Bank should be adhered to by direct as well as sub-member banks in the NEFT, in both letter and spirit," RBI said in a notification.

It has asked banks to educate all their staff about the National Electronic Fund Transfer (NEFT) process in general and extension of the facility to customers and charges applicable on the service, it said.

Banks should ensure that NEFT applications forms with proper instructions are made available at all branches, it said.

The charges applicable on NEFT transactions should be displayed at all branches or locations of the bank where NEFT transactions can be conducted, it said.

It was also observed that, in many cases the officers/staff dealing with the NEFT desk at different branches were not aware of many of the above features of NEFT and customers were not guided properly.


  • Modi must clearly say that preservation of cows is not about manslaughter

    Instead of in-fighting between hindus and muslims, India should fight poverty and maintain its values of diversity and tolerance, as advised by Presid


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Urs Schoettli

America lacks will to contain China

Recently both the Chinese leader Xi Jinping and Indian prime ...

Zehra Naqvi

Exercise gets creative juices flowing

Ever known that feeling of being sluggish and drowsy, of ...

Bubbles Sabharwal

You are what you believe yourself to be

The Gita says a man is what his shraddha is. ...


William D. Green

Chairman & CEO, Accenture