UTI Bank's special offer for trusts, NGOs
The Hindu, Dec. 4, 2005
Facility to receive donations at any branch
VIJAYAWADA : UTI Bank is offering a savings account with a host of value-added
features exclusively for trusts, associations, Government bodies, societies and nongovernment organisations (NGOs) which often receive donations from abroad,
according to bank's product manager S. Anand, who is based at the zonal office of
the bank in Chennai.
Making a presentation to representatives of NGOs and societies here on Saturday,
Mr. Anand said that this specially-designed savings bank account could be opened
without the mandatory minimum balance. There would be a facility to have multi-city
at par cheques, which would be treated as local cheques if encashed at any of the
210 UTI Bank locations across the country.
Internet payment
He said that the trusts, societies and educational institutions having this account
could receive donations at any branch of the bank or through the Internet banking.
The bank was also providing Internet payment gateway.
Mr. Anand said that the bank had been providing services to operate an account
under the Foreign Contribution (Regulation) Act (FCRA) by assisting in the process of
documentation and obtaining the necessary approvals from the Union Ministry of
Home Affairs.
Former Mayor Jandhyala Shankar, the chief guest at the programme, said the Union
Government had tightened the norms governing the transfer of funds from abroad to
NGOs as there was a lot of misuse. In this context, a good banking service to trusts
and NGOs would be an advantage, he felt.
Bank's Assistant Vice-President and Head of the Vijayawada branch V. Prabhakar
Reddy presided over it.