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BANKING NETWORK
As on 1st
July 2004, the Corporation is having 263 bank
accounts with State Bank of India in different
states of North Zone, 117 accounts with State
Bank of Patiala in Punjab and Haryana regions
and 31 accounts with State Bank of Bikaner and
Jaipur in Rajasthan Region. During Rabi and Kharif
Procurement a number of seasonal accounts are
opened with these banks to facilitate the payment
for cost of grain and other admissible charges
to the farmers, State Government and its agencies
as well as Millers and Arhatias. The current accounts
are also opened with other nationalised banks
where bank branch of State Bank of India , State
Bank of Patiala or State Bank of Bikaner &
Jaipur does not exist to facilitate payment to
the farmers.
Bank account opening procedure
a).
Where to open:
In view of requirement for making payments for
cost of foodgrains, incidental charges for carrying
over operations at different points, Freight for
transportation of stocks to Railways and Transporters
and other administrative costs, the unit office
responsible for payment can open account in the
name of Corporation in any of the following categories
of Banks:-
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State Bank of
India, |
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Any of the associate to the State Bank
of India,
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Nationalized banks
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State Cooperative
Banks, |
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Scheduled Commercial
banks and |
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Such of the Central Cooperative Banks
with which at the time of the opening of
the accounts have been classified, for a
continuous period of not less than three
years in Category A and B according
to the audit classification of the Registrar
of Cooperative Societies or any other competent
authority appointed for the purpose by the
State Government, provided these banks are
included in the list of Scheduled Banks
circulated by the Reserve Bank of India.
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b). How to open bank account:
The unit office responsible for payment adjudges
the convenient bank branch, daily need of the
funds and then selects the officer(s) to be authorized
for banking operations. The Regional Office submits
proposal of unit office to Zonal Office along
with its recommendations and confirmation that
no vigilance case is pending/contemplated against
the proposed officer, for obtaining approval of
the Competent authority i.e. Zonal Manager or
Manager (A/Cs). It is invariably ascertained that
the proposed officer should not be involved in
any vigilance case. The officer involved in any
vigilance case or undergoing any penalty prescribed
under FCI (Staff) Regulations, 1971 cannot be
authorized to operate the bank account on behalf
of Corporation. However, an officer awarded the
penalty of Censure can be authorized to operate
the bank account.
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Prescribed authority
The Board
of Directors of the Corporation in their 154th
meeting held in New-Delhi on 13th March, 1984
resolved to prescribe the authorities to open
the bank accounts as well as to authorize the
employees to operate the bank accounts on behalf
of the Corporation:-
a). Who can open bank account:
The Zonal Manager and Manager (Fin &
A/cs) of the Zonal Office, who is in charge of
Cash Management, are authorized to open the bank
accounts in the name of the Corporation in any
of the banks specified above.
b). Who can authorize any
employee to operate:
The bank account of the Corporation may
be operated by any the following officers of the
Corporation:-
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The Zonal Manager, Additional Financial
Adviser, Deputy Zonal Manager, Manager (A/Cs),
Sr. Regional Manager, Regional Manager,
Joint Manager (Port Operation) and Joint
Manager (A/Cs),
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Senior Dy. Manager (A/Cs), Dy. Manager
(A/Cs), District Manager, Senior Asstt.
Manager (A/Cs) and Assistant Manager (A/Cs)
provided they are in turn authorized to
operate the bank accounts by the Zonal Manager,
Additional Financial Advisor, Dy. Zonal
Manager, Manager (Accounts), Sr. Regional
Manager, Regional Manager and Joint Manager
(Port Operation) as the case may be.
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The Zonal Manager may, where the exigencies
demand, also authorize any officer or official
other than those specified in sub clause
(ii) above provided the bank account is
invariably operated jointly by two officers/officials.
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System of maintenance of bank account
The Cash
Credit account opened with any of the branch of
the prescribed bank as proposed by the unit offices
is allocated required notional cash credit limit
by the respective bank as per demand. The unit
office authorized to make payments per day up
to the extent of allocated Cash Credit limit.
The branch of the bank is required to transfer
the entire day end balance of the account, whether
debit or credit, to its controlling branch where
Central Cash Credit /Regional Cash Credit account
exists. RCC accounts are recouped by the region
concerned by transferring funds from their SBI
accounts so that RCC accounts are not overdrawn
to the allocated cash credit limit.
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Charging of Interest:
The interest is debited to the Central Cash Credit,
Zonal Cash Credit the Regional Cash Credit accounts
of Corporation at the rate of maximum lending
rates prescribed by Reserve Bank of India from
time to time. No interest is debited to any of
Unit office account in any case. Up to 31.3.2002
the interest was being charged on quarterly basis
but W.e.f. 1.4.2002 it is being charged on monthly
basis in accordance with guidelines issued by
RBI.
System of calculation of Interest:
Each and every entry responded to ZCC or RCC is
valuated on the basis of date of its originating
at branch level. In case of Debit transfers it
is valuated from the date of transfer by branch.
In case of Credit transfer it is valuated from
the date of its receipt in the concerned controlling
branch of ZCC/RCC, but bank compensates the Corporation
for credit balances in transit where the delay
involved in each instance beyond three days including
the date of transfer for outstation remittances
and beyond the following working day in respect
of remittances from local branches. The interest
for each and every entry is calculated from the
date of validation to the date of its posting
and interest for the day on balance at the day
end.
Controlling cash credit accounts
In
some of regions where wide network of associate
banks of SBI exists Regional Cash Credit accounts
are to be opened with the concerned bank at Regional
Headquarters of Corporation. In the North Zone
there are two Regional Cash Credit Accounts
with State Bank of Patiala at Chandigarh for Punjab
and Haryana Regions respectively and one with
State Bank of Bikaner and Jaipur at Jaipur for
Rajasthan Region.
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Financials
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