CONSUMER PROTECTION ACT, 2019

The Consumer Protection Act has been enacted for the purpose of providing timely and effective administration and settlement of consumer disputes and related matters. The Government instead of bringing an amendment in the 1986 Act, enacted a new Act altogether…

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BANKING OMBUDSMAN SCHEME

For the improvement of customer service in banking industry, RBI has provided a platform to customer for redressal of banking related dispute. RBI notified the Banking Ombudsman Scheme 2006 u/s 35 A of Banking Regulation Act 1949. The scheme came…

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HOUSING FINANCE IN INDIA

INTRODUCTION To consolidate framework of rules and regulations on Housing Finance issued by RBI Master Circular DBR.No.DIR.BC.13/08.12.001/2015-16 dated July 1, 2015. In pursuance of National Housing Policy of Central Government, Reserve Bank of India has been facilitating the flow of…

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RIGHT TO INFORMATION (RTI) ACT, 2005

The basic objective of the Right to Information Act is to empower the citizens, to promote transparency and accountability in the working of the Government, and public authority. The act helps to mitigate the corruption, and to enhance people’s participation…

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KISAN CREDIT CARD (KCC) SCHEME

KCC scheme was first introduced during the year 1998 for farmers on the basis of their holdings by the banks for purchase of agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs. The scheme was…

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PREVENTIVE VIGILANCE IN BANKS

VIGILANCE FUNCTION IN BANKS The dictionary defines Vigilance as being watchful and cautious to detect danger, being ever awake and alert. While being vigilant is important in all walks of life, the observance of vigilance becomes more critical in the…

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CHEQUE TRUNCATION SYSTEM

Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch. In its place an electronic image of the cheque is transmitted…

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BANKER CUSTOMER RELATIONSHIP

  Relationship between a banker and customer comes into existence when the banker agrees to open an account in the name of customer.  The relationship between a banker and a customer depends on the activities, products or services provided by…

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TYPES OF CUSTOMERS IN BANK

Bank is an important service sector organisation. Customers play the most significant part in bank. Customer is the one who uses the banking products and services and judges the quality of those products and services. Banking relationship is a contract…

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TYPES OF DEPOSIT IN BANK

The main function of the banks is to mobilise deposit from public and lend that deposit to individual, firms and corporate institutions. Banks offers various types of deposit products which can be broadly classified as Demand Deposits and Term/Time Deposits.…

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