Common Irregularities in SB/SBCO Units of HOs & SOs

Common Irregularities in SB/SBCO Units of HOs & SOs

In the latest inspection of SB/SBCO units in Head Offices (HOs) and Sub Offices (SOs), several common irregularities have been identified. Addressing these issues is crucial for maintaining operational efficiency and compliance with the established guidelines. This detailed guide provides an overview of these irregularities and the necessary corrective measures.

SB Branch Irregularities

1. Mobile Number Seeding: As mandated by SB Order 22/2022, all POSB accounts must be linked with the depositor’s mobile number.
2. Aadhaar and PAN Seeding: SB Order 8/2023 requires depositors to submit their Aadhaar and PAN numbers when opening an account. Existing accounts should also be updated with this information.
3. Agent Receipt Book: Investments through agents must include the Agent Receipt Book number on the pay-in slip as per SB Order 26/2020.
4. Withdrawal Signatures: For withdrawals exceeding ₹5,000, the depositor’s signature must be attested by two postal officials, except in single-handed post offices.
5. Illiterate Account Withdrawals: Withdrawals for illiterate account holders require a witness certificate with a complete address.
6. Form Filling: SPMs/BPMs and postal staff should not fill out deposit or withdrawal forms for depositors.
7. Manual Postings: Manual postings in SAP are not allowed in offices where GL integration is complete.
8. NEFT/RTGS Transactions: These transactions must be forwarded with the NEFT mandate form and SB-7 form or POSB cheque to SBCO as per SB Order 08/2022.
9. Interest Payments: Monthly, quarterly, or annual interest payments and maturity values must be credited to the account holder’s bank account according to SB Order 09/2021.
10. Cheque Clearance: Sub Post Offices must check the ledger of the concerned office account for cheque clearance and complete subsequent deposit transactions promptly.
11. Original SB-3 Card/AOF: Attach the original SB-3 card or AOF with closure vouchers (SB-7A) and provide a certificate if the original is not traceable.
12. Claim Closures: Follow the correct rules for SCSS and SSA claim closures to avoid excess payments.
13. Value Date Mismatch: Ensure the value date for deposits or new account openings matches the cheque settlement date.
14. Dishonor Fees: Collect dishonor fees for cheques lodged in office account 0382 properly.
15. Silent Account Revival: Ensure transactions are carried out after reviving silent accounts to prevent them from becoming dormant again.
16. Account Splitting: Avoid splitting high denomination accounts into multiple lower denomination accounts.
17. User Roles: Limit the number of Counter PA roles and Supervisor roles to the required amount.
18. Agent Renewal: Ensure only renewed agents are active in Finacle.
19. AML/KYC Compliance: Follow AML/KYC norms strictly.
20. Name Change Requests: Process these requests as per Rule 36 of the POSB CBS Manual.
21. T-Recon Report: Maintain the T-Recon report provided during migration.
22. Unclaimed Accounts: Follow the prescribed procedure for closing unclaimed accounts under SCWF Rules 2016.
23. DPB Application Recommendations: Record the APM/DPM’s recommendations in the DPB application.
24. Transfer Register: Maintain the Sol Transfer register correctly, noting the type of transfer.
25. Pledging and Transfer Fees: Record collection details in the concerned register.
26. Claim Application Acknowledgement: Provide acknowledgment to customers and transfer the original AOF to the SBCO unit.
27. Cheque Book Stock Register: Maintain this register as per the prescribed format.
28. Silent Revival Register: Maintain this register as per Rule 63 of the POSB CBS Manual.
29. Silent Account Notices: Issue notices for silent accounts annually.
30. Dishonored Cheque Register: Maintain this register and issue SB-105 memos for dishonored cheques.
31. Clearing Details Report: Generate and hand over the Outward Clearing Details Report regularly.
32. Passbook Supply: Supply passbooks based on authorized stock.
33. Return Memo Printing: Print Return Memos in the CTS Application as per the prescribed rules.
34. Forwarding Returned Cheques: Forward returned cheques with a valid reason to the respective POs.
35. Register for Discontinued Schemes: Maintain a separate register for discontinued schemes.
36. DPB Register: Maintain the Issue of DPB Register as per the prescribed format.
37. Duplicate Certificates Register: Maintain separate registers for duplicate certificates issued before and after 01.07.2016.
38. KYC Updates: Frequently check and update the KYC status in Finacle and submit forms to CPC daily.
39. Passbook Stock Register: Maintain this register as per the prescribed format.
40. ATM Card Stock Register: Maintain this register in the prescribed format.
41. SCWFR Register: Maintain this register and display the list of SCWF accounts publicly.
42. INOP Register: Maintain this register in the prescribed format.
43. Non-Migrated Accounts Register: Maintain this register as per SB Order 18/2023.

SBCO Branch Irregularities

1. Posting Tenure: Officials in SBCO should be posted on a tenure basis.
2. Nominal Roll: Maintain a nominal roll detailing duties performed by SBCO officials.
3. Voucher Receipt: Follow proper procedures for receiving vouchers from Sub Accounts to SBCO.
4. Hand to Hand Receipt Book: Maintain this book for exchanging vouchers among PAs.
5. Seat Work Rotation: Implement rotation of seat work among SBCO officials.
6. Voucher Weeding: Perform periodical weeding out of vouchers annually.
7. Non-Financial Entries Check: Verify pending and deleted non-financial entries daily.
8. Objection Register: Maintain a PA-wise objection register.
9. Passbook Registers: Maintain registers for undeliverable and spoilt passbooks as per the prescribed formats.
10. ATM Card Registers: Maintain registers for surrendered, inactive, and expired ATM cards.
11. Will Follow Register: Maintain this register and report non-receipt of vouchers promptly.
12. MAP/Certificate of Payments: Attach these to the relevant vouchers.
13. Supervisory Checks: Perform supervisory checks for high-value deposits and withdrawals.
14. Manual Corrections Check: Check manual corrections made for Finacle-related figures.
15. Office Accounts Check: Perform daily checks of various office accounts to ensure zero balance.
16. SBCO Supervisor Review: The SBCO Supervisor should review the work of all PAs and update the review register.

By addressing these irregularities, SB/SBCO units in HOs and SOs can significantly enhance their operational efficiency and compliance with regulatory standards. For detailed formats and further information, refer to the annexure attached to this guide.