Lacunas in procedure followed in CBS finacle operation??

GURU’S DAILY INSIGHT
Lacunas in procedure followed in CBS finacle operation??

CPRC file No. CPRC/16-1/2024 dated 13.08.2024

LACUNAS in procedure to be followed in CBS finacle operation

Ø The order of the depositors was entered wrongly resultantly the interest income of the first depositor was reported wrongly in the PAN of the second depositor

Ø PAN number is updated wrongly so that Interest income was incorrectly reported in wrong PAN

Ø Whenever any minor depositor attains the majority, the changes required to be done at account level were not made due to which Interest income of the minor depositor who attained the majority was incorrectly reported in the PAN of the Guardian.

Procedure to be done to avoid above occurences

Ø At the time of opening or modification of accounts in Finacle CBS, all the KYC details viz. PAN number, Aadhaar Number etc and the order of the applicants (depositors) should be entered in Finacle CBS carefully without any mistake and typographical errors, in accordance with the KYC documents and Account Opening Form submitted by the Depositor(s).

Ø Whenever any minor depositor attains the majority, the procedure as prescribed in Note 1 under the para 14(3) of POSB CBS Manual (Corrected up to 31.12.2021) should be followed properly. Accordingly, whenever any minor depositor attains the majority, changes in Finacle CBS should be made in CMRC menu option and in the account modification option.