Bank accounts of government departments now under strict surveillance

By Express press service

HYDERABAD: After several cases of bank deposits from government ministries and institutions were withdrawn through fraudulent methods, the Ministry of Finance on Monday issued clear guidelines prohibiting opening bank accounts or fixed deposit accounts without the prior permission from the state government. The Ministry of Finance has also ordered government organizations and ministries to keep tabs on existing fixed deposits and bank accounts.

According to a GO issued by the Special Chief Secretary, Finance, K Ramakrishna Rao, all Government Departments, Heads of Departments, Organizations, Corporations, Companies, Grant Institutions, Local Bodies, District Collectors and Government Enterprises owned or controlled at 100 %. by the state government are responsible for entering existing data relating to all savings/cash and term account details into the financial portal. No ministry or other institution shall have savings accounts, checking accounts and term deposit accounts with more than three banks.

All government accounts must be linked to the official email and mobile number of the relevant withdrawal and disbursement, account manager, finance manager, for transaction alert. All departments and institutions wholly owned or controlled by the state government are required to provide the information/details of existing bank accounts and fixed deposits on the IFMIS bank accounts web portal and these must be updated monthly before the 10th of each month. , said the GO.

All departments are responsible for verifying existing term deposits, duly reconciling with bankers and obtaining their certification instead of just verifying account statements and immediately taking action to transfer all such deposits to term held in various banks to a single bank, which is an incorporated bank licensed by the state government, without losing the interest portion. If pre-closure is not permitted, constant and close monitoring must be maintained, he added.

Shawanda H. Saldana