The Central Board of Secondary Education (CBSE) has given up its direct control over maintenance of reserve funds of the schools affiliated to it.
So far, the reserve funds were kept in a joint bank account opened in the name of the manager of the schools and the board's secretary.
The CBSE recently amended this provision and made it mandatory for all schools to open a joint bank account in the name of the principal and any of the members of the school management body for maintenance of the reserve funds.
The board has also removed a mandatory provision in its affiliation bye-laws, which stipulated that the reserve fund "shall" be maintained in the joint names of the manager of the school and a director-level officer of the state education department, in case of the schools which receive grant-in-aid from the state governments concerned.
It, however, has left it open for the state governments to decide and frame rules for maintenance of the reserve fund of the schools receiving grant-in-aid.
"Reserve Fund shall be maintained in the joint name of the principal of the school and managing trustee/ member of the society/trust/company etc running the school concerned in a scheduled bank," the revised affiliation rules of the board states.
In case of the institutions (schools) receiving grant-in-aid or in case the school education act of the state/Union Territory, the reserve fund "shall be maintained as prescribed in the rules and conditions of the concerned state", it also stipulates.
Though the board has not specified reasons for bringing in changes in the rules, sources said that this is basically aimed at making the school management completely accountable towards the maintenance of such funds.
A mandatory reserve fund is created by the schools at the time of seeking an affiliation with the CBSE.
"The interest accruing out of the deposit of reserve fund made by the institution at the time of affiliation/extension of affiliation be not withdrawn by the management under any circumstances what so ever," the board's affiliation bye-laws stipulate.
Last, year, over 2,000 schools drew ire from the board for not furnishing details of their reserve funds among various other things like figures of enrolment, teachers and their qualification.
Over 19,000 schools are affiliated to the CBSE.