Question: What are the irregularities and lapses found in account opening and maintenance in Bank?
Answer:
I. Introduction of the A/C holders not properly obtained.
II. Introducers' signature of the A/C holder not verified by an Authorised Officer.
III. A/C opened obtaining expired Passport in lieu of introducer.
IV. Copy of Trade Licence not obtained in case of Proprietorship/Partnership A/Cs.
V. A/C opened with expired Trade Licence.
VI. A/C opened without approval of the Branch Manager/Manager Operation/ GB In-charge.
VII. A/C opened in the joint name but special instruction regarding operation of the A/C not authenticated by both the A/C holders.
VIII. Nominee Form not obtained.
IX. Father's name of the A/C holder not declared.
X. Occupation of the A/C holder not mentioned.
XI. Present Address of the A/C holder not declared/recorded in the AOF.
XII. Permanent Address of the A/C holder not declared/recorded in the AOF.
XIII. Business Address of the A/C holder not declared/recorded in the AOF.
XIV. Incomplete/Vague/fictitious Present and/or Permanent Address of the A/C holder recorded in the AOF.
XV. Standing Instruction Register (PB-88) not maintained and followed properly.
XVI. A/C opened declaring only nickname instead of full name.
XVII. Date of birth of the A/C holder not mentioned.
XVIII. Date and Time of Stop Payment Instruction not always recorded on Stop Payment instructions.
XIX. A/C holder declared more than 1(One) Nominee but percentage of share among the Nominees not declared.
XX. Transaction Profile not obtained as per ID Circular # 142 dt.30.09.02.
XXI. Letter of Thanks (as per enclosed format placed at Annexure-VII) as per Bank’s standard proforma (P.F.12) never issued to the introducer immediately after opening of the account(s) and a copy be filed with each AOF. Therefore, auto-verification of the address was not made.
XXII. As per directions made in the Instruction Circular No.98/64 dated 20.12.98, Dormant A/Cs not identified and listed on or after 15.12.99 which should have been treated as Dormant Account.
XXIII. Statement of Accounts/Balance Confirmation Certificate not sent on a monthly basis as per Instruction Circular No.32 dated 04.06.98/Instruction Circular No.99/62 dated 19.12.99 to the A/C holders. If those Statements/Balance Confirmation Certificates were bounced back, respective Branches might have taken appropriate measures to guard against fraud committed in the Branch using those Accounts.
XXIV. Date and Time of Stop Payment Instruction not always recorded on Stop Payment instructions.
XXV. Many Cheque Books are found undelivered and kept in the officers’ drawers.
XXVI. Few Branches do not treat those Deposit A/Cs as ‘NRTA’ violating Foreign Exchange regulations holders of which are reportedly staying overseas.
XXVII. Overseas address of the A/C holders not recorded by few Branches, thus those Deposit A/Cs are not being treated as ‘NRTA’ A/Cs.
XXVIII. A/C opened in the name of Minor but Date of Birth and Date of Attaining majority of the Minor not recorded on AOF.
XXIX. Opening of Account observed to have been made under introduction of Bank’s Officer to whom the A/C holders were known but not well known.
XXX. Some Accounts were found opened impersonating own name of the Account Holder and father’s name as well. That means that sometimes Accounts were not opened by bonafide Customers due to Branches’ lacking of verification of particulars furnished by the holder in the AOF.
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