Clear norms must to help net banking, says RBI’s Chakrabarty

MUMBAI, JAN. 5: 

There is a need to evolve standards and codes for electronic funds transfer / net banking and banks must follow them in their dealings with customers, according to RBI Deputy Governor K C Chakrabarty.

The EFT / net banking code of conduct, among others, must cover credit cards and non-cash payment facilities, such as direct debit, ATM, EFT, Point-Of-Sale, internet banking, and telephone banking. The code must set out rules about the information the customer must be given and when and how it is provided; and procedures for making complaints, said Chakrabarty in the Annual Report of the Banking Ombudsman Scheme.

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