Allow customers to transfer accounts within bank: RBI to banks

April 28, 2012

RBI

Mumbai, April 28: Bank customers who change jobs or locations will find it easier to shift their bank account to the new location now. The Reserve Bank of India (RBI) has made it mandatory for banks to allow transfer of accounts from one branch to another without insisting on opening a fresh account or making the customer undergo the full know your customer process again.

Earlier, since the account holder's information was maintained with local branches, banks used to insist that customers go through the account opening procedure all over again when they shifted to a different location.

"It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their accounts from one branch of the bank to another branch of the same bank. Such insistence on opening of fresh account or making the customer undergo full KYC process again causes inconvenience to them resulting in poor customer service," RBI said in a circular to all banks. The circular added that given that most bank branches are now on core banking solution, records of a particular customer can be accessed by any branch of the bank.

An official with a new generation private bank, however, said, "We provide 'at par' cheque books to our account holders, which means that the cheques will be treated as local cheques no matter which part of the country they are deposited in. So, it really does not matter if the home branch is in a different city."

With all banks having put in place a core banking solution ( CBS) through which all account holder information is maintained in a centralized database accessible across branches, ATMs and internet, the home branch concept has lost relevance. But some private banks charge high fees for services accessed outside the home branch. For instance, most new generation private banks charge a fee for cash withdrawal at branches other than the home branch. Also, some lenders insist that changes in account services or document submission has to be done at the home branch.

In its monetary policy on April 17, RBI had asked banks to have a central customer ID to facilitate portability of accounts and ensure that all customer information is centralized. Some banks are seeing this as a precursor to having a central identity which will help customers transfer accounts across banks without having to repeat the KYC procedure.

"Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch," RBI said.

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News Network
April 2,2020

Thiruvananthapuram, Apr 2: With the coronavirus lockdown in place, liquor would be delivered home by state-run retail outlets in Kerala after the left government has decided to issue special passes to tipplers, who exhibit withdrawal symptoms and have doctors prescription.

Protesting the government decision, the Kerala Government Medical Officers Association (KGMOA) wore black badges on Wednesday, but attended duty and seeking immediate withdrawal of the order, saying it was "anti-people".

As per guidelines issued by the Kerala State Beverages Corporation managing director G Sparjan Kumar, for the supply of liquor, a service charge of Rs 100 would be collected from each pass holder for meeting the delivery expenses.

Each person would be entitled to 3 litres of Indian Made Foreign Liquor (IMFL) and sale of wine and beer was not envisaged, the order stated.

Those not willing to undertake the home delivery, the name and details of the employee should be reported to the Head office for submission to the government, it said.

A civil police officer will have to accompany the distribution vehicle.

The sale of liquor should be only to the pass holders, limiting it to the quantity mentioned in the pass.

Any excess sale to pass holders or sales to non-pass holders is strictly prohibited, the order said.

In the order issued on Monday, the government said, following the lockdown and the closure of liquor outlets in the state, there were many instances of social issues, including suicidal tendencies shown by those who consumed liquor regularly and the state government has decided to initiate steps to resolve the matter.

Speaking to reporters, chief minister Pinarayi Vijayan said his government has not forced anyone to prescribe liquor to addicts.

He was responding to a query on the indifference of doctors towards the matter of prescribing liquor to addicts.

"If the doctors are not ready to prescribe liquor, it's fine. We are not forcing anyone to do so. We were just following the protocol which are prevalent at many places. It's been over a week. The family and friends of the addicts can gently persuade them to approach the de-addiction centres," he said.

Sparjan Kumar said the order on home delivery was just a modality, as part of the earlier order issued by the government to provide liquor under prescription.

"We have worked out a modality. We have a meeting tomorrow. Some new order has been issued by the Centre today. The meeting will discuss the implementation of the orders," Kumar told.

A person showing withdrawal symptoms has to get a doctor's prescription on his condition so that he could be provided liquor in a "controlled manner", the order added.

The Indian Medical Association (IMA) has also come out against the government's move.

Meanwhile, Vimukthi, an anti-narcotics campaign launched by the state government, has till now admitted 64 patients since March 24.

"Since March 24, the day lockdown started, we have 64 patients admitted due to withdrawal symptoms. We have also registered at least 200 out patients at various de-addiction centres across Kerala," K Mohammed Resheed, Joint Excise Commissioner in charge of awareness told.

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News Network
March 4,2020

Bhopal, Mar 4: Madhya Pradesh Chief Minister  Kamal Nath on Tuesday asserted that there was no threat to his government.

Nath's comments came when he was asked about reports of alleged 'poaching' attempts being made by the opposition BJP in the state.

“The legislators are telling me that they are being offered so much money. I am telling the MLAs to take it, if they are getting this free money,” Nath told reporters here on the sidelines of a programme.

Congress veteran Digvijaya Singh on Monday alleged that his party MLAs were being offered “huge money by BJP leaders” as part of the saffron party's “poaching” attempt to destablise the Kamal Nath government.

When Nath was asked about any threat to the stability of his government in Madhya Pradesh, he said, “There is nothing to worry about.”

Reacting to Nath's statement, state BJP spokesman Rajneesh Agrawal told PTI that his party has nothing to do with the allegations.

“In fact, these speculations and allegations are part of the internal bickering of among Congress leaders to get nominated for the Rajya Sabha polls,” he said.

After Digvijaya Singh's remarks on Monday, senior BJP leader and former chief minister Shivraj Singh Chouhan accused the Congress veteran of making false statements to create sensationalism.

“Speaking lies to create sensationalism is Digvijaya's habit. Probably some of his (Digivijaya's) works were not done and he wants to create pressure on the CM to get them done,” Chouhan alleged.

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News Network
February 16,2020

Varanasi, Feb 16: Amidst continuing protests against the amended citizenship law, Prime Minister Narendra Modi on Sunday said his government stood by the decision despite all pressure.

"Be it the decision on Article 370 or the Citizenship Amendment Act, it was necessary in the interest of the country. Despite pressure, we stand by our decision and will remain so," he said.

Modi was addressing a public meeting in his Lok Sabha constituency.

Prime Minister Narendra Modi also asserted that the trust set up for construction of the Ram temple in Ayodhya will work "rapidly".

"A trust has been formed for construction of a grand Ram temple in Ayodhya. This trust will work rapidly," he said at a public meeting during his day-long visit to his Lok Sabha constituency.

The government had recently set up the Shri Ram Janmabhoomi Teerth Kshetra on the Supreme Court's directive to the Union government to form a trust that can look into the construction and management of the temple.

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