[Resolved]  HDFC Bank NEFT — Did not get processed on the Year End

Address:

Mumbai City, Maharashtra

I have done a transaction to transfer Rs. X around 12:30PM on 31-Mar-2010, as per the RBI norms or mentioned on the website that any request before 3:30PM will be processed on the same day.

This transaction did not took place on 31-Mar-2010, when called the customer care on 01-Apr-2010 they mentioned the following:


1. Due to 31-Mar-2010 i.e. Year Ending process the transaction will get processed after 2 days
2. Not ready to register a complaint, as the money will get transferred within 2 days i.e. 03-Apr-2010 so the complain will be of no use as the complain takes 7 working days to attend
3. I requested to transfer back the money into my account so that I can withdraw the cash from ATM, so their is nothing to reverse back the transaction

My Query:

1. Does HDFC Bank work manually or do they have any computerized system?
2. Does NEFT process stops due to Year End? Any RBI official here to check on this.
3. Does HDFC Bank stops the NEFT process on 31-Mar-2010 to show the max deposit / profit to their investors on our money?
4. Why should they block the money of customers when they are not going to process? - the money should be blocked on the day the transaction is processed or transaction should be rejected at the bank's end if their is insufficient amount in the account.
5. On 01-Apr-2010 due to year end closing, the bank does not process ECS or do not charge the interest to customer?

RBI / HDFC officials please check the flaw in your system or provide correct instruction on NEFT/RTGS to customers so that they do not feel getting cheated by bank.

Please resolve my above queries and advise.


Thanks in advance,
Mridul