Home Ministry asks NGOs to open Bank Accounts in Core Banking format
Posted on:11 May 2017 11:34:55
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11 May 2017 Current Affairs:
The Home Ministry has instructed around 5,845 Non - Governmental Organisations (NGOs) to open their accounts in banks having core banking facilities.
Registration of more than 10,000 NGOs have been cancelled and more than 1,300 have been denied a renewal over the last three years for various violations.
The Home Ministry mandated the NGOs registered under the Foreign Contribution Regulation Act to have their accounts in either nationalised banks or in a few private banks that have core banking facilities.
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