New Delhi, July 14 (IANS) If a cheque has a spelling mistake in the recipient’s name, can the bank put the money in a temporary account? The Central Information Commission (CIC) has asked the Reserve Bank of India (RBI) to clarify on this practice.
The decision last week came on a Right to Information application filed by Delhi-based RTI activist Subhash Chandra Agrawal with the finance ministry last year.
Agrawal told IANS: “One of my unconfirmed sources had told me that in Delhi alone ICICI Bank has nearly Rs.100 crore lying in suspense accounts. So I feel, the RTI Act should also apply to those private sector establishments where public interest is concerned and such malpractices are taking place.”
Agrawal had asked the ministry if it was aware that ICICI Bank, India’s leading private bank, was following the practice of crediting the proceeds of many clearing instruments like cheques and demand drafts, bearing insufficient details about the account holders to a ‘suspense account’.
He had also asked if the government was going to take any steps to prevent this practice.
Not satisfied with the reply he received from the central bank. Agrawal approached the CIC.
“We feel that the RBI must write to the appellant again and give a comprehensive reply stating categorically if the RBI had ever issued any instruction on the subject and if, according to the available information with them, such practice is being followed in other banks including public sector banks,” Information Commissioner Satyananda Mishra of CIC observed in his order.
Agrawal has indeed brought “a very important matter to the notice of the authorities through his application which deserves to be taken into account by the RBI for appropriate action. We strongly recommend that this matter should receive attention of the authorities in the RBI”, Mishra noted.