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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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