Difference between Sanchay Post and Finacle

Major issues where the process in Sanchay Post and coming Finacle CBS Application differs.

Issues	Process in Sanchay Post	Process in Finacle
Account opening with CIF	There is no process of creation of CIF in Sanchay Post	In Finacle, for every depositor, CIF has to be created and even at the time of migration, new CIF will be created for each depositor or guardian
Funding of accounts	In Sanchay Post , there is a process of accepting deposit at the time of account opening and purchase of certificates.	In Finacle, deposit is called as Funding. Account can be funded either at the time of opening or even after opening account. In Finacle account will be opened against each certificate. Same process is also applicable to accounts created at the time of issue of certificates.
Payment of interest in MIS,TD, SCS etc.	In Sanchay Post, interest is credited into the MIS/TD/SCSS Accounts and also paid from the accounts.	In Finacle, Interest is not credited to the MIS/TD and SCSS Accounts. As a batch process, interest in all these three categories of accounts is calculated and credited into Sundry Account created for each such scheme. Interest is also has to be paid from the Sundry Account. If customer has a savings account , interest is credited to the customer account. Therefore, it is desired that all such customers should be requested to open savings account.
Savings/NSS/PPF Account closure. Only after making balance zero for SB and procedure to determine the interest paid out during closure.	In Sanchay Post savings account closure, all calculations of closing interest are done by the software.	The process of savings account closure in Finacle is totally different. When closure is invoked, system first make the balance as Zero and calculate closing interest. Detail of closing interest have to be seen by going through transaction details. Supervisor while authorizing closure is not able to see any amount. For verifying the amount written on the voucher, Supervisor has to either go to the detail of transaction or go to interest accrual to see the closing interest.
Inventory process	Inventory process in Sanchay Post is for local office and Passbook inventory is also maintained in Sanchay Post. Invoice number details etc. can be entered in Sanchay Post.	In Finacle, there is no provision for Passbook inventory. Process of inventory of certificates and cheque books is also different in Finacle CBS application.
Process change for certificate name transfer.	In Sanchay Post, for Certificate transfer from one person to another or single to joint or joint to single, old certificate is to be discharged and new certificate is to be issued.	In Finacle CBS application, CIF is to be created for new depositor and then CIF of earlier depositor is to be suspended. New CIF is to be attached to the existing certificate. On the physical certificate, name of old customer is to be rounded and new customer to be added. In case of single to joint, name of new customer is to added on the existing certificate.
Certificate issue (linking with printing of certificates)	In Sanchay Post, issue of certificate from the stock is different.	In Finacle CBS application, issue of certificate from stock is linked to printing of certificate. Even if printer is not working or not available, user has to invoke the menu of printing a certificate to issue certificate.
Rd  agent portal	In Sanchay Post, there is a provision to attach RD Accounts with an identified MPKBY Agent and when agent present LOT, amount of LOT can be accepted pending posting of the LOT. Amount of all such LOTs are reflected in LOT and posting against pending LOTs can be done at a later date with date of presentation of LOT as date of deposit.	In Finacle CBS Application, there is no provision to accept LOT without posting at the counter. Any RD account during opening or after opening can be attached with any MPKBY Agent. Once account is attached to the agent, deposit cannot be accepted at the counter in that account unless depositor gives in writing to cancel the attachment with agent. Fir bulk acceptance of RD deposits from MPKBY Agents, an Agent Portal has been developed which can be accessed through DOP website using internet. During migration, all accounts already attached with a particular agent in Sanchay Post will be attached with the same agent in Finacle CBS application. All MPKBY agents will be allotted Login ID and Password to operate Agent Portal. When agent login into Agent Portal, all live RD accounts attached with the agent will be visible to the agent. Agent can select the instalment month and default fee or rebate will be calculated by the system. Agent can prepare LOTs by using three different modes of deposits i.e cash, by POSB Cheque and by any other Bank Cheque. When agent selects cash as mode of deposit, system will stop entries, one limit of Rs.10,000/- reaches. Agent can print the LOT by using any printer. System will generate one reference number on the LOT. When agent comes to the post office with printed LOT and either cash/POSB Cheque/othe Bank Cheques, Counter PA has to login into the same Agent Portal and enter the reference number printed on the LOT. Counter PA will be able to see the LOT. Counter PA will compare all the entries in the printed LOT with that in the Agent Portal and see that there is no change in the default fee or rebate on the day of presentation and accept the LOT after counting cash or POSB Cheques. System will once again validate all the entries in the Finacle Core Banking Solution application and accept the deposits. If any deposit is rejected, Counter PA can print the revised LOT and return the excess money to agent. Counter PA will save the transaction posted and then Supevisor has to validate the posting. Only, after Supervisor tallied the printed copy with the system and validate the posting, posting in the accounts will be accounted for in the Counter LOT. Agent commission will be automatically credited into Agent’s savings account after deducting the TDS. In case of other Bank cheques, no posting will be done. Cheque will first be sent for clearance after lodging them into Office Account called, “Account Opened through Cheque” Once credit comes into this office account, the LOT can be accepted for posting by debiting that Office Account. All entries of all agent LOTs will be printed in the Counter LOT. Therefore, it is advised that only one counter should be identified for accepting agent LOTs. In case, any agent finds it difficult to operate Agent Portal and brings either printed or handmade copy of LOT, Counter PA can enter as Super User into Agent Portal and make entries on behalf of that agent. After LOT is printed on behalf of agent, the rest is the same procedure. To the extent possible all MPKBY agents should be encouraged to use Agent Portal themselves for which User Champions can train them in WCTCs in batches. There is no provision to keep the posting of RD pending.
Maintananace of Office accounts	There is no concept of Office Accounts in Sanchay Post as it is based on Single Entry system.	Finacle CBS Application is based on Double Entry Accounting system. Every entry into Finacle has two legs i.e Debit/withdrawal and Credit/Deposit. Many Office Accounts have been opened for taking care of the second leg of posting. List of Transactions are also printed based on the second leg of posting and General Ledger Balances/Scheme-wise Balances in an office are also created with the second leg of posting. Some of the Office Accounts are to be operated by Counter Pas and Supervisors and some are maintained by the System itself. On day one of Go Live, list of office Accounts to be operated by the staff will be provided by FSI Team. Many of these accounts have to be watched by SBCO or Postmaster or Division/Region/Circle/DAP Offices in the shape of reports.
Shifting of signature scanning and other related work to CPC.	In Sanchay Post, signatures are scanned at the Post Office counter. There is provision of signature scanning in SOSB and also no provision for photo scanning in Sanchay Post.	On implementation of Finacle CBS application, a document scanning and storage system called ECMS is also being implemented. On opening of account, the Counter PA has to take additional signatures on the perforated slip of new Account Opening Form (AOF)and paste the same in SS Book after tearing from AOF. AOF alongwith KYC documents will be sent to CPC on daily basis where KYC documents will be once again matched with AOF and on acceptance, AOF and KYC documents will be scanned in ECMS and uploaded into Finacle Core. The scanned images will be available in ECMS and Finacle CBS both and any CBS post office will be able to see these documents. Photo and signature will be separately stored for ready reference in all Finacle withdrawal and closure screens in the shape of an icon called “SVS”. Physical documents will be sent back to concerned Post Office by CPC. Any rejected AOF will also be returned to Post Office with KYC document showing the objection for rectification. Post Office will get the rectification done and resubmit the documents with AOF to CPC.
Transfers between finacle and non finacle offices	In Sanchay Post, there is a provision to transfer any account to any post office and it generates Advice of Transfer alonwith Transfer generals.	In Finacle CBS application, the account can be transferred to any CBS post office only. No non CBS post office can transfer account/certificate to CBS post Office and no CBS post office will be able to transfer any account/certificate to any non CBS Post Office. In Finacle CBS Application, there is no need to generate any AT or Transfer General or do the pairing. Only, the post office, after satisfying the genuiness of depositor, has to change the home SOL(post Office) of the account and account will be transferred on the spot. A report can be generated showing accounts transferred from one SOL to another in all CBS post offices.
Cheque clearance	In Sanchay Post, cheques are entered against account numbers and in case of new accounts marking as New Account against Account number. Lists are printed and sent to HO alongwith cheques. In HO, cheques of SOs and HO are combined and handed over to Treasurer alonwith list for clearing. Treasurer is attending Clearing House activities and after getting clearance, intimated the HO Counter about credit. HO Counter accounts far the same in Part-II and intimation is ent to concerned SO under part-III for posting in SO ledger.	In Finacle CBS application, there is no such provision. It has a full fledged Cheque Clearing Module. In case of accounts other than savings, cheque cannot be lodged/entered against the relevant account. Cheque are to lodged against an Office Account created as “ Account opened through Cheque”. The procedure for handling cheque clearance in Finacle CBS is totally different from Sanchay Post. Till CSI, comes, the present cheque clearance will be handled by the Treasurer in the same way as these are handled today. Treasurer will be handed over two lists, i.e one of Sanchay Post and another of Finacle. Posting of cheques lodged in Finacle will be done in Finacle at HPO level itself and there will be no need to send any intimation to SO for posting. In case of new accounts, SO can see the credit happen in Office Account of HO and can open and fund/make deposit in account from the office account putting date of credit as value date. Once CSI comes, the clearing house activities will be handled by Treasurer by using Finacle CBS cheque clearing module.
Account opening through cheque	In Sanchay Post, there is no concept of Office Accounts and account opened through cheques can be opened and credited by selecting the cheque details from the list of cheques prepared in Sanchay Post.	In Finacle, Cheques of other Banks cannot be lodged against the scheme or account number. The cheques are to be lodged in Office Account and once credit is received, the account can be funded/deposited by debiting/withdrawing amount from that Office Account. While opening new accounts after getting credit information in Office Account, the Counter PA has to enter the cheque details in Remarks field of Finacle screen so that Cheque number can be captured/entered and shown in the remarks column of LOT. After opening or during opening of account, amount of deposit can be credited by debiting the office account. Cheque details will not be automatically captured by the system from office account to the account opening. Therefore, it is advised to persue the customer to first open Savings Account and present POSB Cheque or if he gives other Bnak Cheque, that can be lodged against his savings account for automatic credit after clearance. From customer Savings Account, the new account can be funded/credited on opening.
Subsequent deposits through cheque	In case of RD and PPF, many depositors pay the monthly installment or subscription in PPF through other Bank Cheques. At present the rule is that in case of RD, date of presentation of cheque is the date of deposit. This rules is going to be changes very soon. Date of credit will be the date of deposit. In Sanchay Post, these cheques can be lodger/entered against their RD and PPF accounts and once intimation is received of clearance, credit can be given by just selecting the relevant cheque number from the list.	In Finacle, as written above, other bank cheques cannot be directly lodged/credited against relevant RD or PPF accounts. Cheques have to be lodged against designated Office Account and after getting clearance information, each and every deposit is to be made in the relevant RD and PPF account by debiting that identified office account. There are chances of mistakes and the procedure is time consuming also. Therefore, it is advised to persue such RD and PPF customers to open Post Office Savings account, avail value added services like ATM Card, Internet Banking, Mobile Banking and issue POSB Cheque for subsequent deposit. This will also save time taken in clearing of other Bank Cheque.
Claim closure	In Sanchay Post, the Counter PA has to enter date of death and all other calculations are done by the Sanchay Post system.	In Finacle CBS application, different processes are to be followed for different death claim cases. CIF of the deceased has to be suspended. In case, nominee or legal heir wants to continue account, his/her CIF has to be created and existing account has to be attached with new CIF. All the nominees or legal heirs have to come together to claim amount as there is no provision to keep the amount in the account for the nominee or legal heir who does not claim alongwith other one. In case of new accounts, it is better to persue the depositor to make nomination only in the name of one person.
NC4a issue	In Sanchay Post, if certificates are not available in stock, a receipt can be issued from Sanchay Post and amount will be accounted for in the post office account against certificate issue. Later, certificates can be issued from the stock against this receipt any time.	In Finacle CBS System, in such cases, receipt from NC4(a) has to be issued to the customer and it should be ensured that only those denominations should be selected while opening account which can be made available in the near future on receipt of stock as denomination onece selected cannot be changed later. An account is opened against each certificate in Finacle CBS and Counter PA has to eneter the NC4(a) receipt number in the relevant field in Finacle CBS. Once, certificates of same denomination are received in stock, the Counter PA has to print certificates against account created under NC4(a). Even the printer is not ready or not working, the Counter PA has to give print command in Finacle so that Certificates will be attached against the accounts opened. Certificates can be filled by Hand also. Through a report, any user or visiting officer or inspecting officer or even, DAP officer, Divisional Office, Regional Office or Circle Office can watch the pending NC4(a)’s issued by any post office against which certificates are not issued through a report.