The Presidents / CEOs

All Commercial/Microfinance Banks/

Authorized Payment System Operators/ Service Providers (PSOs/PSPs)

Dear Sir/Madam,

Electronic Fund Transfers (EFT) Regulations

Electronic Fund Transfer (EFT) enables customers to access their bank accounts electronically for fund transfers using different channels like ATMs, internet and mobile banking etc. In order to set forth the minimum information of originator and beneficiary to be required in a payment message being used to initiate/process an EFT, EFT Regulations are being issued under section 3(1) and section 26 of Payment Systems & Electronic Funds Transfer Act 2007.

2. Further, these regulations highlight the originator, Payment System Operator /Payment Service Provider (PSP) and Beneficiary responsibilities, Preauthorized Transfers, Compensation Policy for unauthorized and / or delayed EFT, Disclosure requirement, Periodic Statement, Dispute Resolution process and Record Retention and Reporting requirement etc.
3. The regulations shall be applicable from 01st October 2018.

Please acknowledge receipt.

Encl: Electronic Fund Transfers (EFT) Regulations