In a customer oriented move, the regulator, RBI has asked the banks to send sms and email alerts to the customers for any transaction made via their accounts.

In the circular, the RBI has said, "Some of the trade bodies/usiness councils have brought to our notice their difficulties on account of banks not notifying the RTGS debits /credits as and when the same takes place in the accounts of the customers."

The move has been considering the increased number of notifications the bank has received from trade bodies and business councils stating that the dealing banks do notify the RTGS transactions as and when they take place.

Presently only few banks are providing this service to their customers. The customers can also access their accounts via internet banking without depending on bank.

The RTGS Business Guidelines state that the funds which are not credited to the beneficiary account due to some reason must be reverted to sender's account within a stipulated time of one hour and thirty minutes.

The bank has fresh guidelines for information format in R42 message giving details like return amount, the original transaction and reason for reversal.

The field tag 7495 has 6 lines, of which three remain after providing the required information. The remaining lines can be used by the bank for including any other additional information.

The regulator has asked all RTGS participant banks to implement the new return guidelines latest by 15 July, 2009.