« Timber, carpentry, etc | Main | Banking transfer - follow up on RBI SEFT discountiuation »
Banking Transfers in India - Retracing steps to stone age?
February 2, 2006
It looks like banking in India is taking a few steps backwards - hope this is not a sign of going back to the age of long queues in SBI banks!
Well, here's what has happened. I have a Citibank NRE account and till last month, I was able to transfer funds online from this CitiNRI account to almost any other bank that I wished to, where I had an account.
This month when I tried to transfer some money from my Citibank NRE account to another bank, there's this message:
"Effective 02Feb2006, as per the new online funds transfer facility offered by Citibank, you will be able to transfer funds only to 15 payee cities. The older process called SEFT is no longer supported by RBI for all banks in India. "
Well, why has RBI done such a stupid, user unfriendly rollback? I don't have any answer. In this era of online convenience, RBI has taken a step backward.
I only hope that this is a step towards implementation of something that is even better - but in that case they could atleast have waited till the new stuff was in place.
Posted by liveit at February 2, 2006 8:23 PM