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
September 17,2024

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As the Modi-led NDA government completes the first 100 days of its third term, the Congress party has launched a scathing attack, dubbing it as the "U-Turn Sarkar" for its failures and policy reversals.

At a press conference in Delhi, Congress spokesperson Supriya Shrinate highlighted what she called "100 days of instability, indecisiveness, and immaturity," accusing the Modi government of damaging critical sectors of the economy and public infrastructure.

Shrinate criticised the government's handling of the economy, which she described as being in "dire straits".

She argued that under Modi's leadership, sectors such as agriculture, youth employment, and infrastructure have been neglected. "These 100 days have been very heavy on the country's economy, farmers, youth, women, infrastructure, railways, and institutions," she said, adding "It has become clear that Narendra Modi has no vision to deal with the country's problems."

She went on to debunk the government's claims of progress in infrastructure development, citing multiple instances of structural failures in key projects.

“The airports inaugurated by Narendra Modi--from Jabalpur to Delhi and Rajkot--could not even withstand a single monsoon,” Shrinate pointed out. She also referenced failures such as:

•    Atal setu: Constructed at a cost of Rs18,000 crore, the bridge developed cracks soon after its inauguration.

•    Sudarshan setu in Gujarat: Opened in February 2024, it also developed cracks within months.

•    Shivaji statue collapse: The iconic statue of Chhatrapati Shivaji Maharaj was destroyed within eight months of being unveiled, an event Shrinate described as an "insult to Shivaji Maharaj."

•    Ram mandir water leakage: The sanctum sanctorum of the Ram Mandir, a symbol of faith for millions, was found to be leaking during the monsoon.

•    "Who will take accountability for these incidents?" Shrinate asked, questioning the government's competency in executing large-scale projects.

•    On railway safety, Shrinate accused the government of overseeing a period marked by frequent accidents and derailments.

•    "There have been 38 railway accidents in 100 days, resulting in 21 deaths," she stated. Despite the public outrage following the tragic Balasore accident, which killed nearly 300 people earlier this year, the Congress spokesperson said that the government has failed to take effective measures to improve rail safety.

•    She criticised the slow implementation of Kavach, an anti-collision device, stating, “The reality is that even after 21 deaths, Kavach is being installed at a pace of 2 km per year, while the Railway Minister shamelessly calls these 'minor' incidents.” Shrinate’s remarks come amidst mounting public concern over the Modi government’s inability to secure rail travel in one of the world’s largest railway networks.

In addition to infrastructure and safety concerns, Shrinate accused the Modi government of making hasty policy decisions, only to later backtrack under public pressure. "If any of your decisions affect the country negatively, it won’t become law because the government will take a U-turn on it," she said. Among the key policy reversals Shrinate cited were:

•    Lateral entry: A controversial policy of hiring private-sector professionals for bureaucratic roles, which was quietly shelved.

•    Broadcast Bill: Withdrawn after fierce opposition, highlighting the government's poor handling of policy legislation.

•    Waqf Board Bill: Another example of the government's failure to gauge the impact of its decisions.

•    NPS to UPS: Indexation policy changes that were hastily reversed after protests from key stakeholders.

"Narendra Modi's first 100 days symbolise not just U-turns, but a government that is fundamentally unsure of its direction," Shrinate remarked.

"In 100 days, 104 heinous crimes have been committed against women, in which there are 157 victims. Women are raped publicly in BJP ruled states but Narendra Modi doesn't say a word on this. But how will you speak, because you are the one who stood with those who sexually exploited the daughters of the country," she added.

The Congress's sharp critique of the Modi government's first 100 days has set the tone for the coming months, as the opposition gears up for a series of state elections and prepares for the 2024 general election.

"The country cannot afford this level of instability, immaturity, and incompetence," Shrinate concluded, calling on citizens to hold the Modi government accountable for what she described as its "endless U-turns and policy failures."

In these 100 days, Congress has made clear that it will focus on highlighting the government’s missteps in the economy, public safety, and governance, presenting itself as a viable alternative in the face of what it calls "a government in retreat."

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News Network
September 12,2024

New Delhi, Sep 12: Madrasas are "unsuitable" places for children to receive "proper education" and the education imparted there is "not comprehensive" and is against the provisions of the Right to Education Act, the National Commission for Protection of Child Rights (NCPCR) has told the Supreme Court.

The child rights body told the top court that children, who are not in formal schooling system, are deprived of their fundamental right to elementary education, including entitlements such as midday meal, uniform etc.

The NCPCR said madrassas merely teaching from a few NCERT books in the curriculum is a "mere guise" in the name of imparting education and does not ensure that the children are receiving formal and quality education.

"A madrassa is not only a unsuitable/unfit place to receive 'proper' education but also in absence of entitlements as provided under Sections 19, 21,22, 23, 24, 25, and 29 of the RTE Act," it said.

"Further, madrasas do not only render an unsatisfactory and insufficient model for education but also have an arbitrary mode of working which is wholly in absence of a standardised curriculum and functioning," the NCPCR said in its written submissions filed before the top court.

The child rights body stated that due to the absence of provisions of the RTE Act, 2009, the madrassas are also deprived of entitlement as in Section 21 of the Act of 2009.

"A madrassa works in an arbitrary manner and runs in an overall violation of the Constitutional mandate, RTE Act and the Juvenile Justice Act, 2015. It cannot be overlooked that a child getting education in such an Institution will be devoid of basic knowledge of school curriculum which is provided in a school.

"A school is defined under Section 2(n) of the RTE Act, 2009, which means any recognised school imparting elementary education. A madrassa being out of this definition has no right to compel children or their families to receive madrassa education," the NCPCR said.

It said most of the madrassas fail to provide a holistic environment to students, including planning social events, or extracurricular activities for 'experiential learning.

In a breather to about 17 lakh madrassa students, the apex court on April 5 had stayed an order of the Allahabad High Court that scrapped the Uttar Pradesh Board of Madarsa Education Act, 2004 calling it "unconstitutional" and violative of the principle of secularism.

Observing that the issues raised in the petitions merit closer reflection, a three-judge bench headed by Chief Justice D Y Chandrachud had issued notices to the Centre, the Uttar Pradesh government and others on the pleas against the high court order.

The top court said had the high court "prima facie" misconstrued the provisions of the Act, which does not provide for any religious instruction.

The high court had on March 22 declared the Uttar Pradesh Board of Madarsa Education Act, 2004, "unconstitutional" and violative of the principle of secularism, and asked the state government to accommodate students in the formal schooling system.

The high court had declared the law ultra vires on a writ petition filed by advocate Anshuman Singh Rathore.

It had said the state has "no power to create a board for religious education or to establish a board for school education only for a particular religion and philosophy associated with it."

"We hold that the Madarsa Act, 2004, is violative of the principle of secularism, which is a part of the basic structure of the Constitution," the high court had said.

The petitioner had challenged the constitutionality of the UP Madarsa Board as well as objected to the management of madrassas by the Minority Welfare Department instead of the education department.

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News Network
September 15,2024

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New Delhi: Two days after he was granted bail and walked out of prison after six months, Delhi Chief Minister Arvind Kejriwal announced his shock resignation from the top post at a party meeting this afternoon. "Two days later, I will resign as Chief Minister. I will not sit on that chair till the people announce their verdict. Elections in Delhi are months away. I got justice from the legal court, now I will get justice from the people's court. I will sit on the Chief Minister's chair only after the order of the people," he said. 

"I want to ask the people of Delhi, is Kejriwal innocent or guilty? If I have worked, vote for me," he said, adding that a meeting of AAP MLAs will be held within the next two days to choose the new Chief Minister for the national capital.

The Aam Aadmi Party (AAP) leader said a member of the party will be named Chief Minister after his resignation. He said he would go among the people and ask for their support. Mr Kejriwal also demanded that the elections in the national capital, scheduled for February, be held in November along with the polls in Maharashtra.

In his address to the AAP workers, Mr Kejriwal launched an all-out attack against the Narendra Modi government and said it was more dictatorial than the British.

He said he did not resign as Chief Minister despite being arrested because he wanted to save democracy. "They have registered cases against (Karnataka Chief Minister) Siddaramaiah, (Kerala Chief Minister) Pinarayi Vijayan, (Bengal Chief Minister) Mamata didi (Banerjee). I want to appeal to non-BJP, do not resign if they register cases against you. This is their new game," he said.

Mr Kejriwal said he had also spoken to former Deputy Chief Minister Manish Sisodia about the issue. Mr Sisodia too was recently granted bail in connection with corruption allegations surrounding Delhi's now-scrapped liquor policy. "I spoke to Manish, he too has said that he will handle the post only after the people say we are honest. My and Sisodia's fate are in your hands now," he said.

Responding to the shocking development, BJP's Harish Khurana questioned why the AAP leader is creating a drama. "Why after 48 hours? he should resign today. In the past too, he has done this. People of Delhi are asking, he can't go to the secretariat, can't sign documents? What is the point then?" Asked if the BJP was ready for early polls, Mr Khurana replied, "We are ready, whether it is today or tomorrow. We will return to power in Delhi after 25 years."

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