|
RBI /2006-07 / 206
UBD. CO. BPD. PCB. No. 23 / 12.05.001 / 2006-07
December 13, 2006
Chief Executive Officers of
All Primary (Urban) Co-operative Banks
Dear Sir / Madam,
Customer Service
Please refer to our circular RBI /2004-05 / 192 UBD. BPD. PCB.
Cir. 20/09.39.00/2004-05 dated September 24, 2004 advising urban co-operative
banks (UCBs) to ensure that duplicate Demand Drafts are issued with in a fortnight
from the receipt of such request. For delay beyond this stipulated period, UCBs
were advised to pay interest at the rate applicable for fixed deposit of corresponding
maturity, in order to compensate the customer for such delay.
2. It is clarified in the above context that the period of
fortnight prescribed in our earlier instructions for issue of duplicate Demand
Draft would be applicable only in cases where the request for duplicate Demand
Draft is made by the purchaser or the beneficiary and would not be applicable
in the case of third party endorsements.
3. Please acknowledge receipt of the circular to our Regional
Offices concerned.
Yours faithfully,
(S.S.Barik)
General Manager
|