Bank Account | Corporate Law Reporter

Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2013-14/458 DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks that they are prohibited from crediting 'account payee' cheques to the account of… Read More

Tags: Bank, Bank account, Business, cheque, Financial services, Negotiable Instrument, Negotiable Instruments Act 1881, Payment

RBI Advises Banks regarding NEFT Customer Service and Charges, Adherence to Procedural Guidelines and Circulars

RBI/2013-14/457 DPSS.CO.EPPD No.1583/04.03.01/2013-14 January 21, 2014 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Dear Sir, NEFT Customer Service and Charges Adherence to Procedural Guidelines and Circulars The National Electronic Fund Transfer (NEFT) System, operational since November 2005 has seen an exponential growth in terms of volumes… Read More

Tags: Bank account, Branch (banking), Indian Settlement Systems, Mumbai, NEFT, rbi, Reserve Bank of India, Run batted in

RBI Clarification on Unclaimed Scholarship deposits

RRBs - Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes --------------------------------------- RBI/2013-14/312 RPCD.CO.RRB.BC.No.41/03.05.33/2013-14 October 4, 2013 The Chairmen Regional Rural Banks Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain… Read More

Tags: Bank, Bank account, CBS, Credit (finance), Current account, Direct Benefit Transfer, General manager, Regional Rural Bank

Unclaimed Deposits/Inoperative Accounts in UCBs – Treatment of certain Savings Bank Accounts opened for credit of Scholarship

RBI/2013-14/300 UBD.BPD.(PCB)CIR No. 23/13.01.000/2013-14 September 30, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Unclaimed Deposits/Inoperative Accounts in UCBs - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes Please refer to Circular No.UBD.BPD.(PCB)CIR.No.9/13.01.000/2013-14 dated September 1, 2008 on unclaimed deposits/ inoperative… Read More

Tags: Bank, Bank account, CBS, Current account, Direct Benefit Transfer, Printed circuit board, Urban, Urban area

RBI directive on Unclaimed Deposits/Inoperative Accounts in banks w.r.t. credit of Scholarships and DBT

RBI/2013-14/262 DBOD.No. Leg. BC. 53/09.07.005/2013-14 September 17, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in banks Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes Please refer to Circular DBOD. No. Leg.BC.34/09.07.005/2008-09 dated August 22, 2008 on unclaimed deposits/inoperative accounts wherein… Read More

Tags: Bank, Bank account, Business, CBS, Commercial bank, Direct Benefit Transfer, Financial services, Rajesh Verma

Government to Extend DBT for LPG (DBTL) Scheme in 235 More Districts by 1.1.2014

Government to Extend DBT for LPG (DBTL) Schme in 235 More Districts by 1.1.2014 Covering Overall 289 Districts; RS.272 Crore Cash Subsidy Transferred through 6.23 Million Transactions into the Bank Accounts of the LPG Consumers so Far Government of India has decided to extend the Direct Benefit Transfer for LPG (DBTL) Scheme in 235 more… Read More

Tags: Bank account, DBTL, Direct Benefit Transfer, Down by the Laituri, LPG, Scheme, Subsidy, Unique Identification Authority of India

RBI update w.r.t. KYC Procedure for Opening of Bank Accounts for Foreign Students studying in India

RBI/2013-14/237 UBD. BPD (AD). Cir.No. 4/14.01.062/2013-14 September 10, 2013 The Chief Executive Officer All AD Category I Primary (Urban) Co-operative Banks Madam / Dear Sir, Foreign students studying in India KYC procedure for opening of bank accounts Primary (Urban) Cooperative Banks (UCBs) It has been represented to us that foreign students arriving in India are… Read More

Tags: Bank, Bank account, India, International student, Know Your Customer, KYC, NRO, Reserve Bank of India

RBI clarifications w.r.t. Foreign students studying in India and KYC procedure for opening bank accounts

RBI/2013-14/210 DBOD.AML.BC.No.45/14.01.001/2013-14 September 2, 2013 The Chairmen/CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Foreign students studying in India KYC procedure for opening of bank accounts It has been represented to us that foreign students arriving in India are facing difficulties in complying with the… Read More

Tags: Bank, Bank account, Commercial bank, India, International student, Know Your Customer, KYC, NRO

Aadhaar Card as Address Proof

Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme. RBI vide its circular dated 28.09.2011 has advised banks to accept the Aadhar letter issued by Unique Identification Authority of India (UIDAI) as an officially valid document… Read More

Tags: Bank account, India, Know Your Customer, Liquefied petroleum gas, Lok Sabha, Reserve Bank of India, Run batted in, Unique Identification Authority of India

Direct Benefit Transfer (DBT) Scheme

RBI/2013-14/129 RPCD.CO. LBS.BC.No.11/02.01.001/2013-14 July 9, 2013 To CMDs of all SLBC Convenor banks and Lead banks Dear Sir, Direct Benefit Transfer (DBT) Scheme A workshop on DBT Scheme was recently held in Mysore which was interalia attended by Chairman, Unique Identification Authority of India (UIDAI), Finance Secretaries of select States, Top Management of Reserve Bank of India… Read More

Tags: Bank account, DBT, Direct Benefit Transfer, Karnataka, Liquefied petroleum gas, LPG, Mysore, Unique Identification Authority of India

Direct Benefit Transfer for LPG (DBTL) Scheme hits a MILLION TRANSACTIONS!

The Direct Benefit Transfer for LPG (DBTL) scheme, launched in 18 districts on 1.6.2013, has thus far been a great success with more than 1 million (10 lakh) direct cash transfers to consumers™ bank accounts. A sum of Rs. 41 Crore has been transferred in the hands of LPG Consumers in these districts. *The District-wise details are provided in the… Read More

Tags: Bank account, Direct Benefit Transfer, Himachal Pradesh, India, Karnataka, Liquefied petroleum gas, LPG, Unique Identification Authority of India

Direct Benefit Transfer Scheme for LPG Consumers

Dr Moily launches Direct Benefit Transfer Scheme for LPG Consumers at Tumkur (Karnataka); Andhra CM flags-off DBTL at Hyderabad DBTL Scheme Commences in 18 Districts from 1st June 2013. In line with the decision of the Government of India to launch Direct Benefit Transfer for LPG (DBTL) Scheme in 20 high Aadhaar coverage districts from 01.06.2013, the Minister of Petroleum &… Read More

Tags: Andhra Pradesh, Bank account, Karnataka, Liquefied petroleum gas, LPG, Tumkur, Unique Identification Authority of India, Veerappa Moily

Petroleum Minister announces launch of Direct Benefit Transfer for LPG scheme in 20 Districts

Government of India is launching Direct Benefit Transfer for LPG (DBTL) scheme in 20 high Aadhaar coverage districts (as annexed) from 1.6.13. The scheme aims to curb leakages and prevent black-marketing and provide subsidy to consumers in their bank accounts. All LPG consumers are advised to immediately do the following to avail of subsidy in their bank… Read More

Tags: Aadhaar, Bank account, Direct Benefit Transfer, India, Khandwa, Liquefied petroleum gas, LPG, Unique Identification Authority of India