If a Term Deposit is closed and credited to bank’s default SB account how that is recovered
Here is DBD held with BOI (8604) since 12/04/2009 for Rs 5 lacs and then renewed with a diff DBD receipt No (I do not remember the new Receipt No) ..it was renewed again on 12/04/2013 with a new DBD receipt issued by the bank . Original Receipt is held with me neither disposed nor pledged. The bank closed it on 10/10/2013 and transferred the amount to its ofc account.
How Finacle allowed it? Was it hacked by the bank? Or was Infosys system managers assistance were taken ?
When your TD was opened, was it opened under L-Limited renewal option.? If yes, system will renew if for limited number of times specified at account opening and after the last time, it will auto close it. Please check your setup in TAM table.
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