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