Banks asked to send SMS for account transactions

In a bid to make banking operations more consumer-friendly, the Reserve Bank of India has advised banks to send SMSs to the account holders as and when their account is debited /credited.

In a circular, the RBI has said, ���Some of the trade bodies/usiness councils have brought to our notice their difficulties on account of banks not notifying the RTGS debits /credits as and when the same takes place in the accounts of the customers.���

���We understand that quite a good number of banks send SMSs to the account holders as and when the account is debited /credited. Besides, customers having access to their accounts through internet banking are also enabled to view their accounts without any dependency on the bank. However, in order to make RTGS more customer friendly, all RTGS participants may explore the possibility of sending SMS / email information to customers when an RTGS debit / credit takes place,��� it said.