Vendor's bank account number madatory ?

[rajamadhavan]

Hi,
I am planning to by a plot off sarjapur road on a layout from landowner's share. Part of the payment is through loan and the bank that I am dealing with is insisting on Vendors name and bank account number to disburse the cheque. Inspite of me requesting a crossed cheque on vendor's name is safe, they dont seem to agree. The vendor is not educated and does not want to reveal his account number at any cost and he claims that this is the first time he is coming across such a requirement. Has anyone come across this situation? Is vendor's bank account number is mandatory for loan disbursement even when the Bank folks will give the cheque directly to the vendor during registration ?

-Raja

[rangavittala]

nowadays it is mandatory to have account no ,with bank details of VENDOR, but their is solution for this your VENDOR can open account in any co-operative/ any bank for recieve amount from bank and then they close account after deal is over.

[ardesarchitects]

Hi,
There are many deals done in this way(for other transctions) .Don't open account in a core banking sector.Since co-operative banks have no option of core banking its easy.

Regards
Ar.Praveen.N
ardesarchitects@gmail.com