CURRENT ACCOUNT THROUGH MINISTRY OF CORPORATE AFFAIRS

1.MCA (Ministry of Corporate Affairs) will provide primary data (Certificate of Incorporation, PAN No., TAN no., CIN no. etc.) to the Bank for opening of CIF ID and Account Number in the name of company and one Authorized Signatory. Accordingly, a batch job will be executed by ITD-H.O. for creation of CIF and Account Number (in total freeze with reason code 018- “Non-KYC compliant MCA accounts”) with default values in the mandatory field.

2. An SMS will be generated welcoming the customer to our Bank and that Bank’s representative shall contact him shortly for completion of formalities for opening of account. The Primary Sol Id of the CIF and Account number will be CASA Back Office, Faridabad (805210).

3. CASA Back Office, Faridabad (D. No. 805210) to share details of prospective customers (the name of company, address of registered office, PAN number, CIN number, mobile number, account number in the name of company etc) to CACs of the City where the registered office of the company is located through CAC, HO on the day lead is received at theirs. In case, CAC is not located in City where the registered office of company is situated, the lead shall be assigned to concerned Zonal Office by CAC, HO.

4. On receipt of the lead, the CAC or concerned Zonal Office to whom lead is allocated shall proactively approach prospective customer for opening of Current Account but not later than next day, by deputing Marketing Official/ Official to contact the prospective account holder and also visit the prospective current account holder for completion of formalities as per extant guidelines for opening current account. The concerned official/marketing official shall coordinate with branch(es) to facilitate opening of current account of prospective account at branch of customer’s choice.

5. if the account is not opened upon contacting the prospective customer and visit to him on same day, the follow up visit shall be done after three days of first visit to the prospective account holder for completion of formalities and opening of current account.

6. On completion of formalities (duly filled / completed AOF and all requisite documents along with KYC of the Corporate Customer as well as beneficial owners and Authorized Signatories for KYC compliance, receipt of KYC papers for opening of current account as per extant guidelines etc), the concerned branch will execute MCOPN-(Transfer) menu and fill in acknowledgement no. or Account no. as provided by the customer to Bank, system will populate name of the customer, CIF ID, Account No. and reference no. on submitting, the Account no. and CIF ID will be transferred to the respective Branch.

7. The branch user will create CIF of beneficial owner as per the documents provided by the customer and make the Corporate CIF, KYC Compliant by entering all mandatory fields.

8. Branch will use MCOPN-(Unfreeze) i.e. to convert the account from total freeze to debit freeze.

9. The branch will send the required documents to its concerned back office for completion of process as per extant guidelines, presently through DMS immediately on the same day.

9. On T+1, Back Office will generate the CRILC and enter the confirmation in MCOPN- (CRILC) with drop down - Whether CRILC generated Y/N and account will be unfreezed and debit will be allowed after this. There will be restriction on the Back Office to complete the CRILC activity of all eligible accounts.

10. If some credit facilities availed by the applicants are found in CRILC report then guidelines as per IRMD circular shall be followed (present guidelines vide IRMD (L&A) circular no. 82/2022 dated 07.06.2022).

11. Further Back Office will ensure to check the KYC within 5 working days and enter in MCOPN - (KYC) with drop down KYC Checked Y/N, else account will be freezed with Debit reason code again.

12. If the prospective customer does not visit branch for completion of formalities, a registered letter/email shall be sent by concerned bank official to the prospective Customer requesting him to visit the nearest branch as per his/her convenience with the documents for KYC compliance.

13. The CAC or concerned Zonal Office shall send lead-wise follow up/account opened report to CAC, HO on monthly basis.

14. CAC, HO shall share the report with Faridabad CASA Back Office. If prospective customer does not visit any branch for KYC compliances in a month from date of letter, the account in the Back Office may be closed after approval of Branch Head, CASA Back Office.