The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking companies (Nomination) rules 1985 and the relevant provisions of Indian Succession Act. Nomination facility is available only to individual depositors and not to any person in…
The payment and settlement system in India is governed by the Payment and Settlement Systems (PSS) Act, 2007. According to definition of PSS Act 2007, Payment System means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. This includes the…
The major difference between wholesale banking and retail banking is in the type of clientele. Retail banking, also known as consumer banking, refers to the offering of banking services to individuals and lower-tier businesses. Services offered in retail banking related both on deposits as well as loans and advances. Deposit products avail retail customers are…
In terms of the latest amendment to master circular of RBI, the Banks which extend the Prepaid Payment Instruments facility the other entities / ‘employers’ such as unlisted corporates /partnership firms / sole proprietorship / public organizations like municipal corporations, urban local bodies, etc. The above-mentioned employers utilize prepaid payment instruments for onward issuance to…
The debit card/credit card/smart card payments are accepted by railways, airlines, malls, hotels, major shops and business establishments. For accepting payments through cards the merchant establishments need a Point of Sale (POS) terminal. The sale transactions made through POS terminal is called Point of Sale (POS) business. The bank which is in ‘Card Payment Acquiring…
When you enter an ATM kiosk you find a ATM machine (Automated Teller Machine) consisting of the following; a).Video display monitor, b)Keyboard/key pad, c)touch screen. Inside the machine a host computer is attached which is connected to ATM network. Besides, computer there are slots inside the ATM for various purposes viz. card reader, cash dispenser,envelope…
RuPay cards are gaining momentum as a domestic card payment network in India. The RuPay cards payment network is similar to international payment card networks like Visa International and MasterCard. The National Payment Corporation of India (NPCI), a Government of India undertaking, has launched RuPay cards in March 2012. Since its inception, this domestic network has started…