Confuse About Bank Tranfer Payee Name | Dont worry RBI has Solution for it.

Confuse about bank tranfer payee’s name, now RBI has made detail instructions about it.

In one day there are so many transaction in our bank statements about different payees from various city across the whole country. But bank does not provide the full detail of the payee i.e name of the payee, Address of the payee even city name is not shown by bank. So how one can determine that who has paid to me, consequence there is problem to reconcile bank. (These transactions are called RTGS)

But now RBI has issued detail instructions about RTGS. Download RBI Detail Instructions

FAQ on RTGS

• RTGS Customers have been complaining that there is no uniformity on information provided to the customer in the pass books / account statements by different banks. Some banks merely indicate `RTGS credit’ without details while other banks are giving sender’s bank account number or UTR number of the transactions etc. This is on account of the Core Banking Solution (CBS) of different banks capturing information from different field tags of the message format. As a result, a customer is receiving multiple RTGS credits on a given date, is at a loss to understand the source of funds leading to reconciliation issues.
• It is therefore, advised that
• a) A bank customer receiving RTGS credit shall be provided with the name of the remitter in his account statements/ pass book.
• b) A bank customer sending a RTGS remittance shall be provided with the name of the beneficiary in his account statements / pass book.
• For the purpose, it is advised that information in field tag no. 5500 and 5561 should be provided uniformly by all banks as advised above. The CBS of the banks should be fine tuned to capture line 2 of field tag no. 5500 for the receiver’s account statement/ pass book and line 2 of field tag no. 5561 for the sender’s account statement/ pass book. The banks are free to provide any additional information as they deem necessary / useful.
• All RTGS member banks may initiate steps to comply with these instructions latest by June 01, 2009.

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