NetBanking for your Association Bank Account

Are you – as a Treasurer or Executive Committee member – looking at an alternative way of paying the Vendors other than Cheque payments.

Most banks allow Association Bank Accounts to have Netbanking enabled. Below is the typical procedure to be followed, to enable NetBanking in your Bank. The below assumes that the Treasurer will operate the Account using NetBanking, and is the authorized signatory for the same Bank Account.

Process for enabling NetBanking for your Association Bank Account

1. Fill the ‘Financial Access’ forms – given by the Bank

2. Provide the PAN card copy of the Treasurer, and the PAN card copy of the Association. The copy must have signature of the Treasurer with the ‘For’ seal.

3. Provide the Board Resolution that authorizes the Treasurer to operate the Bank Account through Netbanking.

The Board Resolution must be printed on the Letterhead of the Association, with the signature and ‘For’ Seal of  all the Executive Committee Members (1. The President, 2. The Secretary, 3. The Treasurer, 4. The Vice President) . Please find the exact text of the Board Resolution at the end of this Post.

That’s All! It typically takes 7 days to activate this access.

Text of the Board Resolution

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CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF THE MANAGING COMMITTEE OF THE CO-OPERATIVE SOCIETY  _______________________________________ ________ (Name of the Association) ON __________________(Day)___  _______________ (Date) at _________________________ (Place).

The Chariman explained the Board the benefits of availing NetBanking facility provided by ________________________ (Bank Name) in respect of the Current Account of the Association bearing no. ____________________________ (Bank Account No.) with its branch at ______________________ (Bank Branch). The Board after discussion decided to appy for the NetBanking facility and passed the following Resolution:

“RESOLVED THAT the consent of the Board be and is hereby given for availing the NetBanking facility in respect of a Current Account No.____________________________ (Bank Account No.) of the Association with ________________________ (Bank Name) at its ______________________ (Bank Branch) branch.”

RESOLVED FURTHER THAT (Name of the Treasurer), Treasurer be and is hereby authorized to apply to ________________________ (Bank Name) for and on behalf of the Association and to operate the aforesaid account through NetbBanking.”

RESOLVED FURTHER THAT _______________________ (Name of the Treasurer), Treasurer be and is hereby authorized to furnish a copy of the aforesaid resolution to ________________________ (Bank Name) and to do all such acts, deeds and things as may be necessary to give effect to this resolution.”

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Please Note: The process may vary slightly from bank to bank, you may want to check with your chosen bank before proceeding.

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About the Author: San Banerjee

2 Comments

  1. Is there a method for using net-banking with multiple signatories required to authorize one transaction, like requiring President, Secretary and Treasurer.

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