What is a PRCR in banking?

PRCR in the bank is ‘pre-authorized credit‘ in a transaction. It shows in the bank’s passbook that a already authorized payment (authorized by you) that had to be made has been done successfully with the debit card.

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I will explain you in the simplest way, about PRCR in banking terms.

PRCR is completely legal and it shows up on your statements when a transaction is made especially international and e-commerce. Coming back to the point as it is as normal as the other transactions made using your debit card.

What PRCR meaning in a bank statement ?

The same PRCR in a bank statement can report the transactions made by your choice or mistake by your bank. This only appears in a statement for specific transactions made outside India like in case of buying items from Aliexpess or Banggood.

As the normal charges show like the SMS for SMS charges, NEFT/RTGS for transfers or received amount, and the POS also for the Paytm.

When to worry about PRCR transactions ?

Any transactions made out of your knowledge or instructions that could be in any case or in any situation. As a concerned bank account holder, you must keep an eye on your transactions whenever a transaction is made or not.

In this situation, many fraud and illegal transactions are made without your knowledge and send the transactions id directly to the passbook. In this case, proper steps should be taken at the right moment. And what steps should be followed will be discussed as we go further.

Where PRCR transactions show up in bank statement ?

Terminals are a point of sales such as big bazaar at which you pay them using credit/debit card or by cash. As well as the payment gateways can be said as POS where the electricity, gas, or mobile bills are paid.

Such transactions do not harm until and unless it’s out of your knowledge.

What is PRCR Paytm ?

It is a word that appears in the bank statement if any amount deducted or credited along with the city name. There’s no fear as regular credit/debit transactions occur however if the UPI is used it would be shown before Paytm just like the PRCR and POS.

What are PRCR charges ?

PRCR is not a kind of full-fledged service just like any SMS alert or a ATM service but to show the mode of transaction in the statement.

So, there’s no kind of charge that is charged for it. But the full amount that is deducted or credited is shown using PRCR in the statement.

What to do if my statement showing PRCR with the amount deducted without my concern ?

First to note, if the transaction is made without your concern first contact your bank using their customer care number or visit the bank immediately. Next to avoid any further deduction block the card.

Such transactions might be dangerous and can have been made to purchase illegal arms and items.

If you are more concerned and it’s actually worth it if anything goes wrong like –

• Filing FIR or
• Complaining to Cyber police if amount deducted

Immediate or within 3 days complaint can increase the chance of getting the money back. Because as said by RBI that if a fraud transaction performed by a third party or a double deduction by banks such as for the EMI or payment, the bank is liable to refund the money back to the customer’s account.

Note: In this case, you can also only disable the international transaction option to safeguard the account.

Even a transaction made due to customer’s negligence, RBI says it could be refunded if complained immediately to the bank.

What does PRCR/ECOM mean ?

After reading the article from the beginning you have got an idea about the PRCR but what does this ECOM mean here and i.e E-commerce. Haven’t got this?

Remember, that you bought any item from Amazon, Flipkart, Myntra, or from Paytm mall, all these internet markets are known as e-commerce, and when you make a purchase from these online stores via Debit cards or Netbanking the transactions ids along with the amount is printed in statements.

Advantages of PRCR

• Have a clear understanding on to which party the payment was transferred to.
• It cost’s nothing
• Payments are easy and automated

Disadvantages of PRCR

• This Service is not secure and easily can be used for frauds
• Refund or recovery of funds are not 100% assured
• 3rd parties can find out the source

Conclusion

PRCR transactions are easy and best until it’s not made with your request. As it states pre-authorized so just a feature of bank.

So in short in this article we discussed about how to tackle a unauthorized transaction and its recovery or click here to get to the solution, it’s disadvantages along with advantages. We also have seen how it looks on a actual passbooks.

FAQ

बैंक में PRCR 'pre-authorized credit' लेनदेन कहा जाता है।

PRCR पूरी तरह से legal है और यह आपके statements पर दिखाई देता है जब कोई लेनदेन विशेष रूप से 
international और e-commerce किया जाता है। यह उतना ही सामान्य है जितना कि आपके debit card 
से किए गए अन्य लेन-देन।