In September 2023, the Department of Posts, Ministry of Communications, Government of India, issued SB Order No. 18/2023, outlining the Standard Operating Procedure (SOP) for handling non-migrated accounts and certificates in the Finacle Core Banking Solution (CBS) system. However, concerns arose regarding the absence of SOP for discontinued schemes such as Indira Vikas Patra (IVP). To address these concerns, an addendum, SB Order No. 18A/2023, was issued on April 8, 2024, providing clarity and creating specific office accounts in Finacle for handling discontinued schemes.
Download SB Order No. 18/2023 Addendum in PDF
Key Points from the Addendum:
Creation of Office Accounts: Specific accounts were created in Finacle for handling discontinued schemes like 5, 10, and 15 years Certificate of Deposit (CTD), Fixed Deposits (FD), Mahila Samridhi Yojna (MSY), Compulsory Deposit Scheme 1963, among others. Each scheme has a designated GL Sub Account and Head Number.
Continued Application of SOP: The SOP outlined in SB Order No. 18/2023 for handling non-migrated accounts remains applicable for the schemes listed in the addendum.
Emphasis on Correcting Errors: The addendum stresses the importance of rectifying errors in migrated data to ensure accurate payments to depositors or claimants. Excess payments due to migration errors should not be credited to other bank accounts but rectified within the system.
Illustrations for Clarity: Detailed illustrations are provided to guide postal officials in handling different scenarios, such as accounts migrated to the wrong scheme or with incorrect dates. Each illustration offers step-by-step instructions on closure procedures and necessary transactions in Finacle to rectify payment discrepancies.
Debit Freeze Considerations: Since the office account (SOLID+0340) is debit frozen, a request must be sent to the Central EOD Team/CEPT for allowing debit before processing in Finacle.
Conclusion:
The addendum to SB Order No. 18/2023 addresses concerns regarding the handling of non-migrated accounts in the Indian Postal Services. By providing specific office accounts and detailed instructions, it aims to streamline procedures and ensure accurate payments to depositors. Postal officials are urged to adhere to the outlined SOP and follow the provided illustrations for handling various scenarios effectively. This addendum reinforces the commitment of the Department of Posts to maintain transparency and efficiency in financial operations.
