What are CASA deposits and Bulk deposits?

CASA stands for Current Account and Savings Account in banking parlance. Besides in India, the term CASA is popularly is used in West Asia and South-east Asia countries. The difference between the average yield of interest obtained from loans and the average rate of interest paid for deposits and other such funds (or the cost…

Banking Facility for Senior Citizens and Differently abled Persons

RBI in its circular RBI/2017-18/89 /DBR.No.Leg.BC.96/09.07.005/2017-18 dated November 9, 2017 observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. In this regard, Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 state that notwithstanding the need…

What are CFT and FATF in banking?

CFT is acronym to Combating the Financing of Terrorism (CFT). Financing of terrorism means providing financial support to terrorist or terrorist organizations intended to achieve political, religious, or ideological goals through violence and the threat of violence against civilians.  The flow of funds may reach to those terrorists from legitimate religious or cultural organizations or…

What are the RBI norms for periodical updating of KYC?

Banks are required to periodically update their customers’ KYC details under Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002.  As per latest review and directives of RBI, periodic full KYC exercise will be required to be done for…

What is LLP ?

LLP is acronym to the Limited Liability Partnership (LLP). LLP is an entity registered under Limited Liability Partnership Act, 2008. The liability of an LLP is restricted to its assets and partner’s liability is limited to their share contributed in the partnership. Thus partner’s liability in LLP is similar to that of the shareholders of…