Definition and requirements to be called a Bank
A Bank is a financial institution that, generally, accepts deposits and makes loans. Deposits are money people leave in a banking institution with the understanding that they can get it back at any time or at an agreed-upon future time. A loan is a money let out to a borrower to be generally paid back…
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How will you search and claim unclaimed deposits/accounts across multiple banks?
The banks in India including cooperative banks are required to transfer the credit balance in any type of deposit which have not been operated upon for 10 years or more by the depositor or any amount that is remaining in the bank unclaimed for 10 years or more, to the Depositor Education and Awareness (DEA)…
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Security Arrangements in banks and ATMs
Given the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, the Reserve Bank of India and Indian Bank Association had prepared checklists of guidelines for stringent security arrangements for implementation in banks. The “Report of the Working Group to Review Security Arrangements…
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How has Cash balance verification done in Banks?
Examining the cash balance at the bank branch is routine job for the senior officer of the branch assigned with the job. Physical verification may be carried out by the branch head on a surprise basis. The statutory auditors appointed by the bank have to verify the cash balance at the branch at the end…
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What is the difference between Garnishee order & I.T. Attachment order
(This article explains how the garnishee order and IT attachment orders are different and explains the method of disposal by the Bank branches when they receive such orders from the authorities.) Garnishee order & I.T. Attachments are two different types of attachment orders. The Garnishee order is an order issued by the Court to Garnishee…
How does an ATM works with electromagnetic cards and the PIN?
When you enter an ATM kiosk you find an ATM (Automated Teller Machine) consisting of the following; a). Video display monitor, b)Keyboard/keypad, c)touch screen. c) Inside the ATM, a host computer is attached which is connected to the ATM network. d) Besides, the computer there are slots inside the ATM for various purposes viz. card…
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