To enable easy cross-checking by bank customers with respect to the different transactions they undertake, the apex banking regulatory authority, RBI has instated banking institutions to furnish adequate details.
Earlier the RBI had asked banks to do not incorporate obscure transactions in the statement of accounts or passbook of bank customers. And only include the transactions in brief and intelligible format to do not cause inconvenience to banking customers.
Nonetheless in light of the fact that some of the financial institutions do not provide adequate information on financial transactions, the RBI when detailing the different variables to be provided said, "In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts".
The details to be furnished in respect of the financial transaction in passbook include payee name, transaction mode, charges if any including commission, fine, penalty and fees together with loan account number.