RBI to banks: Charge customers on actual usage of SMS alerts

The RBI has directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.

Created On: Nov 27, 2013 12:23 ISTModified On: Dec 19, 2013 16:58 IST

Reserve Bank of India (RBI)The Reserve Bank of India (RBI) on 26 November 2013 directed the banks to charge customers for the transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.

The RBI in its notification issued to all banks has asked the banks to charge customers based on actual usage of SMS alerts, considering the technology available with banks to considering the technology available with banks and the telecom service providers.

The notification has been done to ensure reasonableness and equity in the charges levied by banks for sending SMS alerts to customers. In its second quarter review of monetary policy 2013-14, the RBI had advised banks to charge for SMS alerts on usage basis.

Earlier, the Reserve Bank of India had set the guidelines for banks to send online alerts to the customers for all types of transactions, irrespective of the amount in March 2011.

 

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