Whether authorized signatories of a company are customers of the bank? Whether Power of Attorneys or Mandate holders or intermediaries who operate the bank accounts on behalf of someone are the customers of the bank? Whether the walk-in customers who do not have the account with the bank but use the services of the bank…
[This article explains the relationship between the bank and the customer like creditor and the debtor, Lessor and the Lessee, Trustee and beneficiary, bailor and bailee, Principal and the agent, assigner and assignee etc. according to the type of service rendered by the bank.] Basically, the relationship between banker and customer is contractual in nature.…
Application for Sovereign Gold Bonds 2017-18 Series I bonds will be accepted from April 24 to April 28, as per RBI notification. The bonds will be sold as usual through banks, stock holding corporation of India (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.…
(This article answers various questions of the readers such as who is a consumer, Who can file the case and represent at the consumer court, What is to be done before filing a complaint, Where to lodge the complaints, How to file a complaint, What are the powers of consumer courts, what are the powers…
According to consumer protection act of 1986, a consumer is a person who has purchased products or services for a consideration which is not used for commercial purpose or resale. A consumer may file the off-line complaint in the consumer court against the seller of products and services about the defects, duplicity, overcharging, cheating, misleading…
RBI vide circular DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated March 25, 2017, announced that besides all payment systems in banks including RTGS & NEFT would operate like a normal working day from March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). The extended timing for the centralized payment system (RTGS/NEFT) and timings of special clearing has…
In our previous posts we have talked about (1) Legal audits in banks, (2) What is a stock audit (3) Tax audit (4) Concurrent Audit System in the bank. (5) What is a statutory audit?. In this post let us study what is a Forensic audit? A forensic audit is a process of conducting…
In our previous posts we have talked about (1) What is a stock audit (2) What is a forensic audit? (3) Concurrent Audit System in the bank. (4) What is a statutory audit?. (5) Tax audit. In this post let us study what is a Legal Audit? A legal audit is normally used by…
In its press release today RBI notified that all branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) will function as branches of State Bank of India from April 1, 2017. The order dated…
Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as the internet are called e-commerce. *Any products that are stored, delivered, and used in their electronic format are called digital products. These products are shipped electronically to the consumer through the internet. We can identify e-commerce business…