Haryana on Friday announced the new state policy on interface with banks keeping in view the changing scenario of banking sector.

All existing bank accounts opened need to be consolidated into one or two major accounts by March 31, 2018 definitely with the approval of finance department. Till then, banking with the existing banks will be continued subject to revised policy.

The finance minister, Abhimanyu said revised policy has been formulated for dealing with banks by various government organizations so as to obtain optimum benefit of the schemes, minimize cost and bring uniformity and transparency in dealing with financial institutions.

He said that as per guidelines formulated for placing of deposits and borrowing up to Rs Ten crore for short term period up to three months, the organisations might invite quote from the respective empanelled banks through mails.

The quote should be given within 24 hours of the issuance of mail. It should be ensured that the quotations should not be called a day before any holiday.

He said that the quotations received should be short-listed and the bank providing maximum rate of interest be selected for placing deposit or minimum rate of interest for borrowing/loan.

A decision will be taken by the competent authority within two days of the receipt of the quotation from the bank. The details of the deposits and borrowings placed will be sent immediately through mail at ifcc@hry.nic.in with a hard copy of the same.

The total deposits placed and the borrowing made by different organisations during a period of one month will be consolidated by Finance Department in the Department of Institutional Finance and Credit Control (IFCC) for the information of the Government by the 3rd day of the subsequent month indicating the name of the Bank and amount deposited/borrowed.

He said that as funds are usually borrowed from banks and financial Institutions on State Government guarantee, a similar procedure for taking credit as in case of deposits would be followed and the organizations in need of credit will send their proposal to IFCC at least 15 days in advance so that cheap credit could be tapped from different sources and provided for in a time bound manner. The bank which offers minimal rate for extending borrowing/loan would be recommended.