India's banking regulator, the Reserve Bank of India (RBI) in its second quarter review of monetary policy 2012-13, has taken some measures to improve various customer and investor service issues.
NEFT - National Electronic Funds Transfer..!
Starting from 19 November, 2012 an additional batch of National Electronic Funds Transfer (NEFT) will work, that will start at 8 AM. Now, NEFT operates in hourly batches - there are 11 settlements from 9 am to 7 pm on week days (Monday to Friday) and 5 settlements from 9 am to 1 pm on Saturdays.
Fake Notes..!
As far as fake notes goes, you would not be able to palm them off to the banks, since RBI has asked banks to be very strict as far as impounding fake notes goes.
This move comes in to meet the growing demand & increasing volume of NEFT transactions. Due to the heavy demand, there is decongestion that build-up of transactions in the first batch on all days including Saturdays.
Typically the beneficiaries’ banks get credited with the transferred amount either on the same day or / on the next working day morning. But instances of delay have been known for various reasons. With an additional batch, let’s hope the decongestion issue to eases out & delays are prevented.
Currency Notes issues..!:
If you are tired of soiled, damaged or / even fake currency notes, RBI has suggested some guidelines to bank, which would handle this issue. RBI has asked banks to identify 4 to 5 branches at each of the centres where the RBI’s Issue offices are located.
These branches would provide exchange facilities for soiled, mutilated notes as also issue coins to the general public through their dedicated counters or / coin vending machines. So, no more dealing with dirty notes, or / looking for change. As far as fake notes goes, you would not be able to palm them off to the banks, since RBI has asked banks to be very strict as far as impounding fake notes goes. If any bank fails to impound a fake note, they could be penalised.
Credit Report..!
RBI had observed that even though there are a number of credit information granting companies (like CIBIL, Experian, etc..), the number of credit reports accessed by banks to take a decision while granting loans was not as per its expectation.
RBI has reinstated that banks should make extensive use of available credit information as a part of their credit appraisal process. Also RBI said banks to provide lenders timely & accurate credit information on their borrowers to credit information companies, for as update of borrowers’ records.
RBI has strictly said banks to take into account any one's credit report before giving any kind of credit. Detailed guidelines in this regard are being issued separately.
Aadhaar for Authentication for Securing Card Present Transactions..!
Banks consider the Aadhaar biometric authentication along with the MagStripe (black magnetic stripe at the back of a credit / debit card) as an additional factor of authentication for card present transactions (where physical card is used) at ATMs & POS terminals. This move is expected to make such transactions safer for consumers & decrease the risk of frauds. RBI will come up with further steps & guidelines regarding the same, in the future.
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