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  1. #1
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    Dec 2009


    Default Let customers go for online repayment, RBI tells banks

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    Following complaints from customers, the Reserve Bank of India has made it clear to banks that there are no restrictions in allowing use of electronic modes for various transactions including repayment of *****.

    “It is, therefore, advised that all banks should allow the customers to choose National Electronic Funds Transfer (NEFT) as one of the electronic modes of making payment towards loan EMIs or repayments etc.” RBI said in a notification.

    “The system is meant for one-to-one funds transfer and can be used for transferring funds to beneficiaries (individual, institutions etc) and no restrictions have been placed thereon,” the Reserve Bank of India notification said.
    ...being a human...



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