UTR- Unique Transaction Reference
On every transaction bank generates a
reference number as identity of every transaction. Similarly every RTGS or NEFT
has a Unique Transaction Reference that is not similar to any other banks
transaction of NEFT and RTGS. This is alphanumeric in character with 22
variable normally containing banks code, dates, serial number etc in it. In
payment confirmation UTR plays a very important role.
How
UTR No plays its role is mentioned below:
It is normally asked by students,
businessmen, etc- depositing their money to third party who is again getting
many such payments from other parties too,
that how will they recognize their transaction for this depositors are
given UTR number that they send to whom they have deposited the amount and they check the same in their bank
statement. This is how UTR plays an important role in fund transfer.
It
can be some time like: “CNRBR52014120600572118”.
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