Why is there a difference in the UTR number shown by mygate and in our bank statement?

Banks across the country are currently undergoing an upgrade of NEFT settlements within the banking system to comply with the latest guidelines issued by the Reserve Bank of India (RBI).

• Previously, the NEFT UTR (Unique Transaction Reference) number consisted of 16 digits. However, as per the RBI circular dated 3rd September, 2024 [CO.DIT.PSD.No: S507/09-63-023/2024-2025], NEFT will transition to a 22-digit UTR format.
  
  
• This migration was mandated to be completed by all banks by 31st December 2024.
  
  

Mygate's partner banks have already transitioned to the new 22-digit UTR system. However, some banks may still be using the old 16-digit system.

Since such inconsistencies are outside the control of merchants and payment gateways, the solution is to match and reconcile transactions based on the amount and transaction date.

To effectively manage your Bank reconciliation until your Bank migrates to 22-digit UTR, please follow the steps outlined below.

The Mygate Society Admin Dashboard provides a Collections Report that can be downloaded. This report includes the Settlement Date, Description, Invoice Number, Receipt Number, Payee Name, Flat / House information, Amount and a 22-digit UTR reference number,

This report serves as a crucial tool for reconciliation with the Society's Bank Statement. The reconciliation process can be achieved by matching the Date, Count of Transactions, and the total amount. In scenarios where multiple transactions have the same amount, the reconciliation can be completed by cross-verifying the amounts received and the count of transactions.

Path to the Report : 

1. Log in to the MyGate dashboard then Navigate to Financial Report > Collection Report > View/Download.

2. Identify the relevant transaction based on the date and amount.

We also recommend contacting your Bank to confirm if they have implemented the new 22-digit NEFT UTR system. If your Bank is still using the old system, please be patient as they are likely to update their systems soon.

We understand that this transition may cause some inconvenience, and we appreciate your patience and understanding.

Enclosed RBI Circular: