July 13, 2017
The Chief Executive Officer
All Primary (Urban) Co-operative Banks/
All State Co-operative Banks/
All District Central Co-operative Banks
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.
Chief General Manager
Illustrative narrations to be recorded in the Statement of Account / Passbook
|a.||Payment to third parties||(i) Name of the payee
(ii) Mode – Transfer, clearing, inter-branch, RTGS/ NEFT, cash, cheque (number)
(iii) Name of the transferee bank, if the payment is made through clearing/inter-branch transaction/ RTGS/NEFT
|b.||Payment to ‘self’||(i) Indicate “Self” as payee
(ii) Name of the ATM/branch if the payment is made by ATM / another branch
|c.||Issuance of drafts / pay orders / any other payment instrument||(i) Name of the payee (in brief / acronym)
(ii) Name of the drawee bank/branch/service branch
|d.||Bank charges||(i) Nature of the charges – fee/commission/fine/ penalty etc.
(ii) Reasons for the charges, in brief – e.g. return of cheque (number), commission/ fee on draft issued /remittance (draft number), cheque collection charge (number), issuance of cheque book, SMS alerts, ATM fees, additional cash withdrawals, etc.
|e.||Reversal of wrong credits||(i) Date of the original credit entry reversed
(ii) Reasons for reversal, in brief
|f.||Recovery of installments of a loan/interest on loan||(i) Loan account number
(ii) Name of the Loan account holder
|g.||Creation of fixed deposit/ recurring deposit||(i) Fixed Deposit/Recurring Deposit Account/Receipt number
(ii) Name of the Fixed Deposit/Recurring Deposit Account holder
|h.||Transactions at POS||(i) Transaction date, time and identification number
(ii) Location of the POS
|i.||Any other||(i) Provide adequate details on the same lines as mentioned above.|
|Note: In case of single debit in account with multiple credits, the payee name/account number/branch/bank shall not be recorded. However, the fact of “multiple payees” will be indicated.|
|a.||Cash deposit||(i) Indicate that it is a “cash deposit”
(ii) Name of the depositor – self/third party
|b.||Receipt from third parties||(i) Name of the remitter/ transferor
(ii) Mode – Transfer, inter-branch, RTGS/NEFT, cash, etc.
(iii) Name of the transferor bank, if the payment is received through inter-branch transaction, RTGS /NEFT
|c.||Proceeds of clearing/ collection / draft etc. paid||(i) Name of the draft issuing bank
(ii) Date and number of the cheque/draft
|d.||Reversal of wrong debits (including charges)||(i) Date of the original debit entry reversed
(ii) Reasons for reversal, in brief
|e.||Interest on deposits||(i) Mention if it is interest paid on the Savings Account/Fixed Deposit
(ii) Mention the respective Fixed Deposit Account/ Receipt Number if it is interest paid on Fixed Deposit(s)
|f.||Maturity proceeds of fixed deposit / recurring deposit||(i) Name of the Fixed Deposit/Recurring Deposit holder
(ii) Fixed Deposit/Recurring Deposit account/receipt number
(iii) Date of maturity
|g.||Loan proceeds||(i) Loan account number|
|h.||Any other||(i) Provide adequate details|
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