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A standard format is designed for banks for sharing transaction related details with revenue intelligence and central security agencies that are looking into money laundering and financial fraud cases.
According to official sources, the issue had been first raised by the CBI which found that while investigating an offence, banks have been providing information in different formats that makes probe rather difficult.
The Central Economic Intelligence Bureau had called a meeting and a commonly acceptable format was designed.
In a recent meeting of the “working group on intelligence apparatus” headed by Revenue Secretary Hasmukh Adhia and attended by officials of intelligence and investigating agencies, a representative of RBI informed that Indian Banks Association (IBA) indicated that banks will be furnishing information in respect of transactions like National Electronic Fund Transfer, Internet banking and intra bank transfer in the new format.
