Haryana announces new state policy on interface with banks

Haryana Finance Minister Capt Abhimanyu today announced the new State Policy on interface with banks keeping in view the changing scenario of banking sector.

All existing bank accounts need to be consolidated into one or two major accounts by March 31, 2018 with the approval of Finance department. Till then, banking with the existing banks will be continued subject to revised policy, Abhimanyu said, according to an official release.

He said that the revised policy has been formulated for dealing with banks by various government organisations so as to obtain optimum benefit of the schemes, minimise cost and bring uniformity and transparency in dealing with financial institution.

The minister said that as per guidelines formulated for placing of deposits and borrowing up to Rs ten crore for short term period up to three months, the organisations might invite quotation from the respective empanelled banks through mails.

The quotation should be given within 24 hours of the issuance of mail. It should be ensured that the quotations should not be called a day before any holiday, he said.

Abhimanyu said that all existing bank accounts opened need to be consolidated into one or two major accounts, for which approval of Institutional Finance and Credit Control (IFCC) Department is to be invariably taken.

No government department can draw money to keep it in the bank account without it being actually utilised for the purpose for which it has been withdrawn, he stated.

The minister said that in case any organisation withdraws money and the money remains idle and, unless specifically permitted, action will be initiated.

In case, due to any reason the amount drawn remains unutilised, then the organisation has to deposit the same along with the interest for the period for which it remained unutilised at the MCLR (lending) rate prevailing for the bank in which the deposit had been kept and for the period it remained idle.

Every empanelled bank would also be required to nominate one senior level functionary as Nodal officer.

National Informatics Centre in consultation with IFCC will design a portal to enable the organisations to furnish online information to facilitate monitoring of financial transactions/dealing on real time basis.

The portal is likely to be operational by April 1, 2018. Every organisation will appoint a nodal officer for uploading the duly authenticated data on the portal, he said.