PRCR Meaning in Bank Statement

PRCR Meaning in bank statement

You have spotted PRCR / XXXX/ XXXXXXX in your bank mini statement/ passbook and want to know what it is? Wondering what is written next to PRCR and why it is written that way?

What is the meaning of PRCR? How and why does it appear to be in your bank history then you are at the right place.

Here I’ll give you answers to all the Questions related to PRCR. This would be enough for you to understand the entire concept of PRCR. 

What is PRCR?

PRCR is a pre-authorized credit that appears in the passbook as PRCR / XXXX/ XXXXXXX. It is present in bank history when there is a transaction through our debit card. It indicated that money has been deducted from our debit card.

PRCR appears on your bank statement mostly when transactions are made out of India or in the E.commerce service. 

Is PRCR legal?

Yes, PRCR is legal transaction practice in India. It is automated, which means instructions for payment were made beforehand only. It is just the representation of your debit card-related transactions in your bank account. 

Where is PRCR spotted?

PRCR is spotted in the bank passbook, bank mini statement, etc. PRCR will be spotted in anything related to bank account history or transaction history.

In your bank passbook, there is information related to transactions. Like SMS charges against SMS deduction, NEFT for money transfer, POS (Point Of Sale) for online shopping same as PRCR for pre-authorized credit transactions.

It is denoted as PRCR / XXXX / XXXXX. Where X in the middle can be Paytm, E-commerce and POS.

What is PRCR/Paytm and PRCR E.com?

PRCR / Paytm / XXXXXX  appears when the payment mode is UPI (Paytm). It denotes that the transaction has taken place through the UPI app Paytm. 

PRCR / Ecom / XXXXXX appears when there is a deduction of money for an online Ecommerce transaction. Amazon, Flipkart, Myntra, etc all are e-commerce companies. When an online transaction is made to these companies through your debit card it reflects as PRCR / Ecom / XXXXXX in your bank statement. 

Are there any charges deducted for PRCR?

No, there are no charges deducted for PRCR services by banks. It does not depend on the bank how much they deduct, nor does it depend on the transactions you have made whether the transactions are made out of India or transactions made in India. It is not a complete charging service like ATM, SMS so, banks do not deduct money for it. 

What if the PRCR transaction is not made by you?

If a PRCR transaction is seen in your transaction history but you have not made it then it is a point of concern. Sometimes there are fraud and theft cases. If these transactions are caused by a third party and these are reported within 3 to 5 days then according to the law, the bank is reliable to give your money back. So, always be up to date with your bank information and transactions.

Steps you should take to get your wrongly debited money back

  1. Check your transactions thoroughly. See if you have missed anything.
  2. If it is not made by you then call the customer care number of your bank or visit your bank. 
  3. Block your debit card for the time being
  4. Disable International transactions so that there is no further chance of deduction of your money.
  5. File an FIR in the police station.
  6. Register a complaint in the cyber security department. 

Advantages of PRCR

  1. Easy and automated payment deduction.
  2. Gives you a complete insight into payment mode, where the transaction is made, etc. 
  3. It is a free service.
  4. You also know that payment is sent to which company, industry, etc.

Disadvantages of PRCR

  1. Prone to fraud and theft.
  2. Details can be easily leaked.
  3. Not a full-fledged, secured service. 

Conclusion

PRCR pre-authorized credit is just a bank service like SMS, ATM, etc services. It is not harmful unless transactions are not made by you. So, you should always stay updated with your bank account transactions to avoid any such fraud issues. If you revert your complaint within 3 to 5 days then there is a high probability of getting your money back. 

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