Close all accounts at BoB: Finance Dept
Source: The Sangai Express
Imphal, November 26 2018:
As a precautionary measure taken up by the State Government following fraudulent withdrawal of huge amounts of money from two branches of the Bank of Baroda (BoB), the Finance Department has directed all Government departments to close all their accounts opened at BoB.
Notably, two huge amounts belonging to Manipur University and a private individual were withdrawn by a fraud identified as one Sandeep Patel using cheques from two branches of BoB recently.
Following these incidents, Finance Department issued a circular on November 20 whereby all administrative Secretaries and Head of Departments were instructed to close all Government accounts opened at BoB.
The circular pointed out that BoB is not included in the list of banks in which money can be deposited or through which financial transactions can be done by public sector undertakings, State level autonomous societies, local bodies and other bodies.
It categorically stated that opening accounts at BoB, when there are 23 banks where accounts can be opened and all businesses transactions can be done, defies Finance Department's instructions.
The circular further instructed all departments to close accounts opened at BoB with immediate effect.
An office memorandum issued by the Finance Department on December 26 last year listed 23 banks including Axis Bank, Bank of Maharashtra, Bandhan Bank, Canara Bank, Central Bank of India, NDFC Bank, ICICI Bank, IDBI, Punjab National Bank, State Bank of India, Syndicate bank, United Bank of India, UCO Bank, Union Bank of India, Manipur Rural Bank, Imphal Urban Cooperative Bank Limited, Manipur State Cooperative Bank Limited, Moirang Primary Cooperative Bank Limited and Manipur Women Cooperative Bank Limited where accounts can be opened and business transactions can be done.