As you would be aware, charged with numerous complaints by customers and the inordinate delays faced by them for the banks to re-credit their accounts, the Reserve Bank has now imposed a mandatory timeframe of 12 days within which the customer’s account has to be credited, failing which a penalty of Rs.100 per day is payable by the bank to the customer.
In a CBS environment, why should reconciliation take such a long time leading to customer inconvenience and regulatory intervention on behalf of the customer? 11. I will illustrate with another example. Technology has provided us the comfort of internet banking from our desk tops. As a prudent security measure, the customer is logged out of his account after entering his password incorrectly three times.