RBI/2004-05/417
DIT (CO) No. 255/09.63.99/2004
April 11, 2005
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