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Opening of Saving Bank Accounts in the Name of Certain Bodies/
Organizations
DBOD.
Dir. BC. 51-13.03.00-dated 14th December 2002
Please
refer to paragraph 2 of our Circular DBOD No. Dir. BC. 35/ 13.03.00/ 2000-01
dated October 17, 2000, permitting banks to open savings bank accounts in the
name of Government departments/bodies/agencies in respect of grants/ subsidies
released for implementation of various programmes/ schemes sponsored by the
Central Government on production of an authorization to the bank from the
respective Government departments certifying that the concerned Government
department or body has been permitted to open savings bank account.
2.
On a review of the matter, it has now been decided to allow banks to open
savings bank accounts in the names of State Government departments/ bodies/
agencies in respect of grants/ subsidies released for implementation of various
programmes/ schemes sponsored by State Governments on production of an
authorization to the bank from the respective Government departments certifying
that the concerned Government department or body has been permitted to open
savings bank account. Banks should keep on their record a copy of the
authorization issued by the respective State Government departments.
Accordingly, item (7), Annexure V of our Master Directive DBOD No. Dir. BC.
07/13.03.00/2001-02 dated 11 August 2001 has been amended.
3.
An amending directive DBOD No. Dir. BC. 50/13.03.00/2002-03 dated
December 14, 2002 is enclosed.
4.
Please acknowledge receipt.
Opening
of Saving Bank Accounts in the Name of Certain Bodies/ Organizations
DBOD.
Dir. BC. 50 -13.03.00 - dated 14th December 2002
In
exercise of the powers conferred by Sections 21 and 35A of the Banking
Regulation Act, 1949 and in modification of its Master Directive DBOD No. Dir.
BC. 07/ 13.03.00/ 2001-02 dated 11 August 2001 as amended from time to time, the
Reserve Bank of India, being satisfied that it is necessary and expedient in the
public interest so to do, hereby directs that item 7, Annexure V of the
aforesaid directive shall be substituted by following with immediate effect.
(7) Government departments/ bodies/ agencies
in respect of grants/ subsidies released for implementation of various
programmes/ schemes sponsored by Central Government/ State Governments subject
to production of an authorization from the respective Central/ State Government
departments to open savings bank account.
All
other provisions of the Directive DBOD No. Dir. BC. 07/13.03.00/2001-02 dated
August 11, 2001 shall remain unchanged.
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