Nomination is the right conferred upon the holder of a bank account to appoint one or more persons who will be entitled to receive monies upon the death of the account holder. In the event of death of an account or locker holder, the bank can release the account proceeds or … [Read more...] about NOMINATION FACILITY IN BANK ACCOUNTS
CLAIM SETTLEMENT PROCESS FOR DECEASED ACCOUNTS IN BANKS
RBI has issued a Master Circular on Customer Service in Banks on July 1, 2015. RBI explained the Settlement of claims in respect of deceased depositors in bank. As per the circular, RBI has simplified the procedure the settlement process in deceased account payment. According to … [Read more...] about CLAIM SETTLEMENT PROCESS FOR DECEASED ACCOUNTS IN BANKS
BANKING CODES AND STANDARDS BOARD OF INDIA (Jan.2018)
RBI constituted committee on Procedures and Performance Audit of Public Services in November 2003, under the chairmanship of Shri S. S. Tarapore (former Dy. Governor) to address the issues relating to availability of adequate banking services to the common man. Therefore, RBI, in … [Read more...] about BANKING CODES AND STANDARDS BOARD OF INDIA (Jan.2018)
FAIR PRACTICES CODE FOR DEBT COLLECTION
The Bank is committed to following fair practices especially with regard to collection and recovery of its dues from its borrowers (hereinafter referred to as "customer"). At the same time the Bank is also committed to follow fair practices in this regard to foster … [Read more...] about FAIR PRACTICES CODE FOR DEBT COLLECTION
TYPES OF CREDIT FACILITIES IN BANKS
Lending is an important activity of the banking industry. Bank invests public deposits in the form of lending and earns a profit. The quality of the advances indicates the bank’s image in the market. A banker should have a thorough knowledge of the requirement of the customer and … [Read more...] about TYPES OF CREDIT FACILITIES IN BANKS