RBI/2005-06/399
RPCD.CO.RF.BC.No 87/07.38.01/2005-06
June 6, 2006
All State and District Central Co-operative Banks
Dear Sir,
Opening of savings bank accounts in the name
of certain bodies/organisations
Please refer to our Circular RPCD No. RF.Dir.
BC. 30/07.38.01/2000-01 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, clause 5 (ii) (g) of our directive RPCD.No.Dir.BC.29/07.38.01/2000-01
dated October 17, 2000 enclosed with our circular under reference, has been
amended.
3. An amending directive RPCD.RF.Dir.5516/07.38.01/2005-06
dated June 6, 2006 is enclosed.
4. Please acknowledge receipt to our Regional
Office concerned.
Yours faithfully,
(G.Srinivasan)
Chief General Manager
RPCD.RF. Dir. 5516/07.38.01 /2005-06
June 6, 2006
Opening of savings bank accounts in the name of certain bodies
/ organisations
In exercise of the powers conferred by Sections
21 and 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative
Societies) and in modification of its Directive RPCD.No. RF.Dir. BC. 29/07.38.01/2000-01
dated October 17, 2000, the Reserve Bank of India, being satisfied that it is
necessary and expedient in the public interest so to do, hereby directs that
clause (ii) (g) of paragraph 5 of the aforesaid directive shall be substituted
by following with immediate effect.
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 RPCD.No.RF.Dir.
BC.53/D.1-87/88 dated November 2, 1987 shall remain unchanged.
(V.S.Das)
Executive Director
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