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Ajit Sweets & Farsan
DELEGATION OF BANK ACCOUNT HANDLING FOR ONLINE TRANSACTION, request to guide what preventive measures i could take to delegate handling bank account transaction, and what terms condition or agreement will i need to do before hiring the person, and what kind of reports will help me to trace out authenticity
From India, Mumbai
Loginmiraclelogistics & Management)


Hi Ajit,
I think you are trying find out what would help to track & control online transactions (net banking) if you would authorise somebody else to operate your bank a/c. on your behalf.
If yes, you may do so as per the following suggestions-
1. Once you would opt for 'Online transactions' ( banking) using the web/net service of your bank you would be supplied with 2 pass words (one user ID & and one PW) and One pass word ( to be used when you transfer amounts to some other persons' accounts where you know their bank details like i) Bank A/c No. ii) Bank name & branch name iii) IFSC code of the branch. Using these details you can do the transfer of money from your a/c to other accounts of your's or somebodyelses'. Banks will ask you to specify the maximum limits for such transactions. These IDs and PWs should be changed periodically, say for every 90 days. If you use wrong ID or PW three times in a day (i.e. 00:00 hrs to 24:00 hrs) this online facility will become 'in operative' in which case you have to request your bankers to 'reset' your ID & PWs.
Supposing you come across any wrongful transaction done using this facility you should immediately open the portal of your a/c and change the pass words and thus 'locked', so that no one else could open your portal and do the transactions. You have to keep a watch on the SMS messages received reg.every transactions of your a/cs.
2. If the above method is availed, and you share these ID & PW with someone else for operational reasons, these transactions are linked to your eMail ID and mob No. Therefore you receive a message for every transactions done on this a/c. and you can see the statement of last 3 months 'online'. If you require past records/statement you have to write to your banker and obtain.
3. There is also mobile banking which, I would suggest not to be shared with any one else.

From India, Bangalore
Ajit Sweets & Farsan
Thanks KUMAR for guiding me , i nned some more above all is done , i want to know what i can make agreement or undertaking , and what structure i could make to create or ensure a check day to day reconcilation at ensure that person handling
is not taking chance to siphon money

From India, Mumbai

There are a few methods in organising a foolproof system to have control over banking operations, depending on your suitability, you can adopt one or more system:
I don't know what kind of operations you have and its requirement, assuming certain single office set up I put forth these suggestions, anything specific you can get them clarified in due course.
So far as handling Cash is concerned, by your own option, you may entrust this task to your cashier who must be reliable, honest/faithful & shrewd. If necessary some deposit money can be secured before appointment or recovered from monthly salary and accumulated be kept as security deposit.
Reg. other than cash transactions, there are payments by way of –
i) Crossed cheques in favour of the payees’ names and posted to them
ii) By cheques, remitted into the bank accounts of the payees in their respective banks
iii) By NEFT (upto 2.00 Lakhs), RTGS to any bank & any branch
iv) Online transfer by NET BANKING using confidential PW provided by the banker
v) By Net banking using dedicated mobile Nos
vi) Authorising your banker by way of sending them particulars of payees’ bank a/cs together with amounts to be credited. This authorisation can be transmitted through your exclusive eMail a/c.
If you consult your banker they might suggest best method suitable to your kind of operation.
If you opt, of authorising your colleagues to operate NET BANKING you might open another bank a/c (a secondary a/c in the same branch or another nearby branch or bank) by use of the exclusive User ID & PW shared by you. The PW can be changed by you any time without notice to anybody. You will transfer funds from your main/primary bank a/c to the extent amounts required on day-to-day basis. As you will receive SMS alerts & eMail messages for every transactions and balances, you will have uptodate information at any time. Full statement of accounts can also be seen, prints taken at any time.
This will give you enough tool to interfere and take any corrective & alternative steps at any time.
A single person operating the NET Banking is available only if yours remain as a sole proprietorship business. If you are a partnership firm or a Co., NETBanking can be operated by two authorised persons only.
In my view, agreements/undertaking or any indemnity bonds can help to some extent only as they cannot be a preventive tool. It cannot serve as a foolproof system. In the days of digital frauds becoming more and more it's imperative that monetary controls should be such that ensure NO ROOM for frauds & embezzlement.

From India, Bangalore
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