Revised guidelines on Mandatory Leave for Bank Employees

RBI on Thursday (July 8, 2021) advised the updated instructions to implement a ‘Mandatory Leave’ policy for the employees posted in sensitive positions or areas of operation. The regulator also advised banks that RBI circular DBR.No.BP.BC.88/21.04.048/2014-15 dated April 23, 2015 has been repealed in lieu of updated instructions. “As a prudent operational risk management measure,…

What is a bill of lading?

A Bill of Lading is a document issued by a Carrier to a Shipper, confirming goods were received in an acceptable condition and are ready to be shipped and delivered to the consignee. Carrier is a person who performs or undertakes to perform for hire, the carriage or part thereof, of goods by road, rail,…

The difference between the House Bill of Lading and Bill of lading explained

A Shipper (exporter/supplier) of the goods normally hires a freight forwarder (forwarding agent) or Non-Vessel Operating Common Carrier (NVOCC) in order to arrange transportation of his goods to a foreign destination. Once receiving cargo from shipper freight forwarder inspects the cargo to verify that the consignment received by them is without damages. The freight forwarder…

Bank policies for payment of Interest on overdue deposits and unclaimed balance accounts

Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…