NPCI notified regarding the APB/ACH CR returns in case of in-operative accounts

Jan 30, 2024 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe National Payments Corporation of India (NPCI) on January 29, 2024, issued the notifications regarding the APB/ACH CR returns in case of in-operative accounts.

The following has been stated namely: -

• Reference is drawn from RBI notification on Revised Instructions on Inoperative Accounts/Unclaimed Deposits in Banks (Attached in the notification)

• Banks are advised not to return Direct Benefit Transfer for the following reasons: -

1. Account In-operative

2. Dormant Account

The revised instructions are to be implemented from April 01, 2024.

 

[Notification No. NPCI/2023-24/NACH/013]

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