Reg: Incomplete Narration in case of RTGS/NEFT.
Sanjeev Goyal
584604 |
DWARKA FORUM Dwarka Ki Awaaz
(Regn No. S-63070) (A Welfare Association of Residents & RWA's / CGHS Representatives of Dwarka Sub-City)
|
|
|
Regd. Office: 720, Pocket-1, Sector-14, Dwarka, New Delhi - 110078 |
Phone No. 011-20514195 E-mail: dwark...@gmail.com |
|
Speed-Post
No SKG/NPCI/001 05/01/2022
Mr. Saiprasad Nabar, Chief Online Products Operations & Technology,
National Payments Corporation of India
1001A, B wing, 10th Floor, The Capital, Bandra-Kurla
Complex,
Bandra (East), Mumbai - 400 051
Phone - 022 4000 9100
Dear Sir,
Reg: Incomplete Narration in case of RTGS/NEFT.
We have advanced too far in providing convenience and security for transferring funds. Several new methods have been devised which enables instant transfer of funds just at blink of an eye. The volume and average size of transactions have increased as never before. In this whole process there is one missing link i.e. reconciliation. Whenever funds are transferred the recipient must know who has sent it and for what purpose? Unless both these facts are known the correct entry cannot be recorded in books of account or properly knocked off against relevant outstanding. Whenever money is transferred the details which bank seeks include one remarks column where sender can record the invoice number, registration number or any other identification mark for information of recipient to know where to account for the receipt.
This information so recorded under remarks column by remitter bank is sent to recipient bank but the same is not printed in the bank statement. The whole trouble starts at this point.
In order to provide this information, the payer has to email the information and UTR number to the recipient. The recipient also must inquire from remitter the details of transaction including where to account for the money received. This has created an information gap and so many entries keep on lying in bank statement waiting for desired information to flow. Given the humongous volume of online transactions, lakhs of emails/telephone calls & messages originate daily just to transmit this information which banking system is capable of transmitting in an efficient & appropriate manner. The collective efforts done in terms of phone calls, emails etc. to reconcile these entries in books of accounts is huge and is a waste of productive resources.
The remarks column is necessary for reconciling entry with a particular ledger for example:
(a) If a student is remitting fee to college – how college would know whose money this is – so under remarks column student would mention his college registration number enabling the college to give credit to correct student.
(b) If an organization is remitting payment to a vendor – how the vendor would know against which invoice payment is received - so under remarks organization would mention the invoice number against which payment is sent.
(c) If a patient has sent money to the hospital - how hospital would know whose money this is – so under the remarks column patient would write his IPD number enabling the hospital to credit the sum to right patient.
(d) If a member of society has remitted money – without membership number in whose account society would record the receipt?
(e) In corporate bulk posting remarks may include whether it is dividend or repayment of debentures/bonds, incentive, salary, medical reimbursement etc.
The irony is, under present system, the remarks column appears while making RTGS/NEFT and wherever the information is fed by the remitter and captured by the system the same is NOT PRINTED in the pass-book/bank statement by the recipient bank.
Only to handle this issue many organizations are compelled to avail the facility of payment gateway, so that they can collect the correct basic information about a transaction. Many banks are also offering virtual account facility only to capture the additional details about remitter and providing it as a value added service.
Simply printing this information in pass-book/bank statement would resolve clearing mess in the accounting world. This is a pan banking issue and needs to be addressed appropriately and with priority. It is requested that appropriate steps be taken to make it mandatory for banks to print the information under remarks column.
For consideration, please.
Please acknowledge.
Regards,
S K Goyal
Vice President
D-103, Shivam Apartment,
Sector-12/14, Dwarka,
New Delhi-110078.
Copy to: (1) Mr. Dilip Asbe, MD & CEO, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.
(2) Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.
(3) Mr. Arif Khan, Chief Digital Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(4) Mr. Saiprasad Nabar, Chief Online Products Operations & Technology, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(5) Mr. Vishal Anand Kanvaty, Chief Market Innovation, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(6) Mr. Giridhar G.M., Chief Offline Products Operations & Technology, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(7) Sh Narender Modi, Prime Minister of India, 7 Lok Kalyaan Marg, Delhi-110001.
(8) Smt Nirmala Sitaraman, Finance Minister, North Block, Delhi-110001.
(9) Mr. Deepak Kumar, Director (RBI Nominee), National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(10) Dr Amitha Sehgal, Independent Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(11) Mr. Venkatraman Srinivasan, Independent Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(12) Prof. Umesh Bellur, Independent Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(13) Prof Rishikesh Krishnan, Independent Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(14) Mr. Rana Ashutosh Kumar Singh, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(15) Mr. Ajay K Khurana, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(16) Mr. Nitesh Ranjan, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(17) Mr. Sunil Soni, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(18) Mr. Ajay Kumar Kapoor, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(19) Mr. Pankaj Gadgil, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
(20) Ms. Mridula Iyer, Director, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
