sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Filed Your Income Tax Return (ITR)? 11 Days Left To Avoid Penalty Charges
 Big benefit likely soon for taxpayers Income tax returns (ITR) filing
 What if you make an error in your tax return?
 16 LPA-Opening Urgent Opening with BIG 4 Client for Statutory Audit
  When and how to revise tax returns
 How and why to check income tax return (ITR) status
 10 things you need to know about filing your Income Tax Returns
 Here’s what you should know Are you liable to pay advance tax?
 How new property tax law will affect you
 Zero income tax for women
 What to do if you missed income tax return deadline

RBI makes pass books compulsory
October, 27th 2006
Pass books will be back very soon. Thats after RBI's recent diktat to banks that they must provide passbooks to all savings bank account holders.

This move has brought pallable delight to customers, especially those on the wrong side of fifty.

If we have a passbook then we can check all the transactions and keep records, says a customer.

But bankers don't seem to share this enthusiasm. On the face of it, everyone avers that the customer has to be served and they will always comply with RBI rules, whatever it takes

We will always comply with the law, what ever it takes, says ICICI Bank Joint MD Kalpana Morparia.

Bankers are facing a dilemma, they wonder whether they need to post passbooks to all customers or whether they have to seek a reply from each customer as to what they prefer and then go ahead.

They point out that most younger customers don't come to the branch and much less want to update their passbooks.

Having a passbook is important, but you have to go to the branch, stand in queue and update it. But a mini statement is available in two minutes, says one customer.

Bankers argue that the RBI has simply not through the cost and is needlessly engaging in micro management. Market forces they say will ensure Service quality.

But if that was so, why were passbooks stopped in the first place, especially when many senior citizens want them.

The only hope now is if RBI can change the rule to say that banks must provide passbooks to those who ask for them rather than to everyone.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions