RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79111213

Committee on Procedures & Performance Audit on Public Services (CPPAPS) - Report No. 2 - Compensation structure for delay in payment of interest and/or principal

RBI/2011-12/294
DGBA.CDD.H- 3657/13.01.298/2011-12

December 09, 2011

The Chairman and Managing Director/Managing Director
Head Office (Government Accounts Department)
State Bank of India/State Bank of Patiala/
State Bank of Bikaner & Jaipur/State Bank of Travancore/
State Bank of Hyderabad/State Bank of Mysore/ Andhra Bank/
Allahabad Bank/Bank of Baroda/Bank of India/
Bank of Maharashtra/Canara Bank/Central Bank of India/
Corporation Bank/Dena Bank/Indian Bank/Indian Overseas Bank/
Punjab National Bank/Syndicate Bank/UCO Bank/
Union Bank of India/United Bank of India/Vijaya Bank /IDBI Bank Ltd. /ICICI Bank Ltd.
Axis Bank Ltd./HDFC Bank Ltd./SHCIL

Dear Sir/Madam,

Committee on Procedures & Performance Audit on Public Services (CPPAPS) – Report No. 2 – Compensation structure for delay in payment of interest and/or principal

Please refer to our circular CO. DT. No. 13.01.298/H-9786/2004-05 dated May 20, 2005 (RBI/2005/477), on the captioned subject. As per para 3 thereat, an investor in Relief/Savings Bonds has to be compensated by the concerned bank at ‘current Savings Bank Rate’ on account of financial loss incurred by the investor due to late receipt/delayed credit of interest warrants/ maturity value of investments, etc.

2. In this regard, we advise that as the interest rate on savings bank deposits has since been deregulated, the banks shall compensate the investors for the above mentioned financial loss at their own savings bank deposit rate for respective amounts (i.e. upto ` 1 lakh and over ` 1 lakh) without any discrimination.

Yours faithfully,

(Sangeeta Lalwani)
Deputy General Manager

RbiTtsCommonUtility

प्ले हो रहा है
শুনুন

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

রিজার্ভ ব্যাঙ্ক অফ ইন্ডিয়া মোবাইল অ্যাপ্লিকেশন ইনস্টল করুন এবং সাম্প্রতিক সংবাদগুলিতে দ্রুত অ্যাক্সেস পান!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

এই পেজটি কি সহায়ক ছিল?