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Banking Banks must issue savings account pass book: RBI

The Reserve Bank on Friday directed all banks to offer the pass book facility, without any charges, to all customers with savings account. "It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility. "Banks are, therefore, advised to strictly adhere to the instructions...," the Reserve Bank of India (RBI) said in a notification. Under the existing rules, banks are expected to offer pass book facility to all individual savings banks account holders. In case banks offer the facility of sending statement of account and the customer chooses it, banks must issue that on monthly basis. At present, some of the private sector banks do not provide the pass book facility. Meanwhile, in another notification, RBI has asked banks to ensure that demand drafts of Rs. 20,000 and above are issued with account payee crossing. "Instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as an alternative to settlement through cash," RBI said. In view of concerns raised, it said, RBI reiterates that banks shall strictly adhere to the instructions and not collect account payee cheques for any person other than the payee constituent. Banks may note that the above prohibition and relaxation shall also extend to drafts, pay orders and bankers cheques, RBI notification said.

Management control system in banks?

Answer It! In:Salary and Pay Rates, Small Business Loans, Business Accounting and Bookkeeping

Relevant answers:

What is management accounting and control system?

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Management accounting is defined as "the process of identifying, measuring and communication economic information to permit informed judgments and decisions by users of the information" (Colin Drury,...

Management control system of state bank of India?

Management control system of state bank of India

What is management control system?

Management control is the process by which manager influence other members of the organisation to implement the organisation strategies.

What do you mean by management control system?

What are the various tools and techniques of motivation

Nature of management control in management control system?

the nature of management control system is the man,other companies and banks

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Research results For new passbook issue

Primary and Secondary debt Markets Primary and Secondary debt Markets In the primary market new debt issues are floated either through prospectus rights or privates placement. The debt instruments are traded on the BSE and WDM segment of NSE. BSE is the first exchange in the country to provide an electronic trading platform for corporate and other nongovernment debt securities rough the order matching system. The clearing and settlement of the trades is undertaken through the clearing house of the exchange. The National Stock E...
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New Issues Market

New Issues Market Normally there are two distinct trends in resource mobilization from the primary market through prospectus and rights issues. It indicates an increasing trend from 199192 to 199495 and a decreasing trend from 199596 onwards with unsustained spells of revival in 199899. The growth rate of new capital issues through prospectus and rights was the highest 232 percent in 199293 a year immediately after the reforms were initiated. This growth was partly a result of the abolition of t...
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Discharge employees-Reappointment??
Hi All: 6 months back we had removed an employee from Admin Dept from our Payroll Now we want to get him back to our payroll. No letter was issued to him regarding this. What needs to be done in this case? should we reappoint him and give appointment letter and new Or issue another letter to resume duties?? Kindly assist..

SEBI Legal Updates, follow it on yehseeyes, new regulations

Yes Effective 26th August 2009 onwards new SEBI Issue of Capital and Disclosure Requirements Guidelines 2009 which was proposed earlier have come into force replacing erstwhile SEBI Disclosure & Investor Protection Guidelines 2000 dealing with Public Issue of Specified Securities and Convertible Securities. Though the basic content is same it looks more promising as the definitions are consolidated in Definition Section and its divided in a nice manner to give a feel good reading. Download the s...

Latest News on Apprenticeship Revised Rates in India

Dear All Pleased to refer Govt. of India Gazette Notification No. 228E New Delhi issued by Directorate General of Employment and Training Ministry of Labour and Employment and published in PartII Section 3 SubSection i the Gazette of India Extraordinary dated 23rd March 2011 regarding upward revision of minimum prescribed rate of stipend to be paid to Graduate Technician and Technician Vocational Apprentices. 17365DThanks & Regards 17365D 0F243EKarma Management Consultants Pvt. Ltd. 0..

Background verfication - plz help me

Dear All I am working in 4th company notice period. I have got offered with the leading Software company in chennai. This is ofcourse my 5th company. My exp is 5.1 years. I came to know that the new organisationeven before i join have initiated the background verification by third party agency came to

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know through my previous company manager since he got a verification mail. The issue i have here is my 1st organisation is closed due to undisclosed reasons. I have the following proof with me to p...

Born To Win Newsletter # 22 More Exciting, More Content

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Cell Phone Policy

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Semi-structured interviews with management

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Planman HR
Planman HR The new foci of Competitive Business are on two points Talent & People. Planman HR helps organizations realize HR strategies more concretely by aligning HR processes to Business Strategies thus making HR strategic :

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MASTER CIRCULAR FOR SERVICE TAX

DEAR GOOD I AM SOME THE FOR TAX FOR YOUR Arun Mishra Date:12/06/2007 URL: businessline. com/2007/ 06/12/stories/ 20070612035210 00.htm Ministry to issue 2 master circulars on service tax K.R. Srivats New Delhi June 11 The Finance Ministry is expected to come out soon with draft version of two master circulars on service tax which when finally issued would consolidate all existing service tax circulars issued by the Government since 1994. "We will soon issue two ma...

Application for issue of a new pass book

To ................................. The Agent/Manager, Date : ............................................ Bank Branch .......................................... Bank's Address ...................................... Re : Applying for a new Pass book Address of Applicant

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Dear Sir, I have a Savings Account in your Bank which number is ................................... Unfortunately my Pass Book was lost a few days back when I was out of station. Hence I request you to issue a new Pass Book in my name.Please also let me let me know if I am to perform any formality for this. Your immediate action will be highly appreciated. Thanking You I am, Your's faithfully ............... ............................. Specimen