Recording of Details of Transactions in Passbook/Statement of Account by Co-operative Banks

RBI/2017-18/24
DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18

July 13, 2017

The Chief Executive Officer
All Primary (Urban) Co-operative Banks/
All State Co-operative Banks/
All District Central Co-operative Banks

Dear Sir/Madam,

Recording of Details of Transactions in Passbook/Statement of Account by Co-operative Banks

Please refer to our circular UBD.CO.BPD.(PCB).No.18/12.05.001/2010-11 dated October 26, 2010 and para 4.6.3 of Annex to our circular RPCD.CO.RCB.BC.No.36/07.51.010/2014-15 dated October 22, 2014, advising co-operative banks to avoid inscrutable entries in passbooks / statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks / statements of account with a view to avoiding inconvenience to depositors.

2. It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and / or statements of account to enable the account holders to cross-check them. In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts as indicated in the Annex. The list of the transactions mentioned in the Annex is indicative and not exhaustive.

3. Co-operative Banks shall also incorporate information about ‘deposit insurance cover’ along with the limit of coverage, subject to change from time to time, upfront in the passbooks.

Yours faithfully

(Neeraj Nigam)
Chief General Manager

 

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