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No multiple accounts for single BLA holder

Written by: Staff
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Mumbai, Apr 6 (UNI) Reserve Bank of India (RBI) has directed commercial banks and authorised dealers to refrain from opening multiple bond ledger accounts (BLAs) of existing account holders, everytime when they make fresh investment in some scheme.

In a notification issued here, RBI said only one BLA should be opened in the name of each investor. No new account or multiple accounts would be opened or maintained in the name of the same holder at the branch, and investments subsequently made by him would be accounted for in the same BLA, it said.

''It has come to our notice that some of the agency banks are opening multiple BLAs in the name of existing BLA holder... this is contrary to instructions contained in memorandum of procedure (MOP),'' RBI said.

Therefore, it has suggested the banks to issue instructions to the designated branches to strictly adhere to the instructions while accepting fresh investments, and also review the existing multiple BLAs, if any, in the name of the same investor and merge them into one.

UNI GC GK AG1535

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