The Electricity Department of the Andaman & Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman & Nicobar State Cooperative Bank (ANSCB) to any of the 11 listed Public Sector Banks operating in the islands. These banks include State Bank of India, Canara Bank, Indian Bank, and others. This move is aimed at providing consumers with more options for managing their security deposits.
The decision is in line with the Joint Electricity Regulatory Commission (JERC) Regulations, 2018, which mandates a periodic review of the security deposit based on the consumer’s electricity usage pattern. The revised security deposit should be equivalent to twice the average of the actual electricity bill payments made in the last financial year. Consumers are required to deposit this revised amount in any of the listed banks, either as a bank guarantee or by creating a lien against a fixed deposit.
To facilitate the transfer process, consumers are advised to contact their respective sub-division offices for guidance and assistance. Once the consumer establishes a new security deposit account in one of the approved banks and submits the necessary documents, the existing deposit amount along with accrued interest will be released by ANSCB upon request. The Electricity Department will facilitate this process to ensure a smooth transition for consumers.
The 11 listed Public Sector Banks are solvent and operating in the A&N Islands, providing consumers with a range of options for managing their security deposits. The transfer process is expected to be straightforward, with consumers able to choose the bank that best suits their needs. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing more flexibility and convenience for consumers.
Overall, the announcement provides consumers with more options and flexibility in managing their security deposits, while also ensuring that the security deposit is revised periodically based on the consumer’s electricity usage pattern. The Electricity Department’s decision is in line with regulatory requirements and is expected to benefit consumers in the A&N Islands.