UCO Bank advises Branches not to accept Cash beyond Working Hours
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An old letter of UCO Bank is going viral on social media. In the letter, the UCO Bank has advised branches not to accept cash beyond working hours. The letter was issued on 05.10.2015.
Letter from UCO Bank
In a branch of our Bank dacoity had taken place for a sum of Rs. 4,03,347/-; the Insurance Company has sanctioned a claim of Rs. 2,03,347/- rejecting the remaining amount of Rs. 2 lac stating that this sum was accepted late by the branch beyond Working Hours. The Insurance Company has clarified that in case of theft/dacoity it will accept the claims of money received during regular Working Hours only.
Circles/Zones are advised to instruct Branches under their jurisdiction not to accept cash beyond Working Hours to avoid such losses.
What are the Cash Timings?
Normally, the cash timings in banks are from 10:00 am to 04:00 pm. No cash should be accepted after this time. The banks insure the cash present in the branch and the insurance company is liable to pay the amount in case of any theft or robbery. There is also a cash retention limit i.e. the cash in branch should not exceed that limit. Suppose, a branch has cash retention limit of Rs.20 lacs then the cash in that branch should not exceed Rs.20 lacs on any day.
What should Bank Employees do?
As per this letter of UCO Bank, Bank Employees have been advised not to accept cash beyond working hours. In case of any theft/robbery, the insurance claim might get rejected by the insurance company leading to heavy loss for the Bank.