Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Latest Circulars »
Open DEMAT Account in 24 hrs
  Auction of Government of India Dated Securities
 Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) HCBL Co-operative Bank Ltd Lucknow (U.P.)
 Winning in Uncertain Times: The Indian Experience (Inaugural Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 22, 2023 - Delivered at the FIBAC 2023 Conference Organised Jointly by FICCI and IBA at Mumbai)
 International Trade Settlement in Indian Rupees (INR) Opening of additional Current Account for exports proceeds
 Regulatory measures towards consumer credit and bank credit to NBFCs
 Emerging India: A Land of Stability and Opportunities (Keynote Speech by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 9, 2023 - Delivered at the Symposium on Indian Economy 2023 organised by Institute of Indian Economic Studies at the Tokyo Chamber of Commerce and Industry, Tokyo, Japan)
 Auction of Government of India Dated Securities Nov 06, 2023
 Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on November 04 and 06, 2023 (SGB 2018-19 Series I and SGB 2017-18 Series VI)
  Auction of State Government Securities
  RBI announces results of second edition of its Global Hackathon HARBINGER 2023
 Results of Underwriting Auctions Conducted on October 13, 2023

RBI-Charges Levied by Banks for Sending SMS Alerts
November, 27th 2013

RBI/2013-14/381
DBOD. No. Dir. BC. 67/13.10.00/2013-14

November 26, 2013

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/ Madam

Charges Levied by Banks for Sending SMS Alerts

Please refer to paragraph 37 of the Second Quarter Review of Monetary Policy Statement 2013-14 announced on October 29, 2013 (extract enclosed) on ‘Customer Service- Charges Levied by Banks for Sending SMS Alerts’.

2. In this connection, a reference is also invited to our circular DBOD. No. Dir. BC. 56/ 13.03.00/ 2006-2007 dated February 2, 2007 on ‘Report of the Working Group to Formulate a Scheme for Ensuring Reasonableness of Bank Charges’ whereby banks were advised to identify basic banking services on the basis of broad parameters indicated by the Working Group constituted by Reserve Bank of India for the purpose and the principles to be adopted/ followed by them for ensuring reasonableness in fixing and communicating the service charges for the basic banking services.

3. Banks are required to put in place a system of online alerts for all types of transactions irrespective of the amounts involving usage of cards at various channels in terms of circular RBI/ DPSS No. 1501/ 02.14.003/ 2008-2009 dated February 18, 2009 andDPSS. CO. PD. 2224/ 02.14.003/2010-2011 dated March 29, 2011. Banks have accordingly put in place a system of SMS alerts so as to help customers in fraud mitigation and have been levying uniform service charges to various categories of customers.

4. Considering the technology available with banks and the telecom service providers, it should be possible for banks to charge customers based on actual usage of SMS alerts. Accordingly, with a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis.

Yours faithfully,

(Rajesh Verma)
Chief General Manager

Encl: As above


Extract from Second Quarter Review of Monetary Policy 2013-14

Customer Service - Charges Levied by Banks for Sending SMS Alerts

37. With a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting