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Necessity of abbreviation list of narrations related to Banking Transactions is need of hour

Corporate Laws / Banking / SEBI - By: - G Binani - Dated:- 4-7-2018 Last Replied Date:- 8-7-2018 - Nowadays due to digitization we get our salary, dividends, interest etc. credited directly in our bank accounts. Similarly, various EMIs, School Fees, .....

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for two main reasons - 1. Language uses by data entry operator 2. Words restriction in software system i.e. full narration do not appear. Besides above it is also noticed that bank uses different set of narrations. At one place, for example, credit .....

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erstand, we would have to approach the bank to understand 1. What this credit is about 2. From which company has this dividend in form of NEFT came The issue still persisting in my given example are as under :- 1. By mentioning only Tata in narration .....

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aTele, TataPower etc. 2. The format of the narration should be Creditor Name/ Type of Transaction / Nature of Transaction / UTRN. For example- A ] if Tata Power is crediting dividend in form of NEFT, the narration should be TataPower/NEFT/Div/5366374 .....

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d prepare an abbreviation list of narrations with the help of all intermediaries which should be standard to be used by all Banks. It is ironical as RBI had advised all banks over this subject but ground reality is well known to all of us i.e. there .....

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y available on every bank's websites for ready reference and should be updated periodically. Unless we introduce these type of discipline in banking system, we cannot expect improvement in services. This implementation would save time, energy and .....

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