How agriculture insurance helps farmers on crop losses?
The farmers in India have been inherently facing with on-farm risks like famine; flood, extreme weather etc. Though these types of natural risks cannot be totally avoided, there are many new on-field techniques developed in India to minimize the loss. However, the most important strategy to mitigate the risk is agriculture insurance. The insurance company…
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Guidelines on return/ despatch of dishonoured cheques?
In terms of RBI guidelines the paying bank should return dishonoured cheques presented through clearing houses strictly as per the return discipline prescribed for respective clearing house in terms of Uniform Regulations And Rules for Bankers’ Clearing Houses. According to RBI circular DBOD.No.BC.74/09.07.001/91-92 dated 28th January 1992, RBI had advised all the banks implement the…
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PML Act 2002:Obligations of financial institutions and intermediaries
Prevention of Money Laundering Act, 2002 came into force with effect from July 1; 2005. The Government of India has enacted PML Act to prevent money-laundering and to provide for confiscation of property derived from or involved in, money-laundering. The Directorate of Enforcement in the Department of Revenue, Ministry of Finance is responsible for investigating…
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What is a safe deposit locker and how to operate a locker?
Safe deposit lockers are specially designed lockers that are generally kept in specially built strong rooms for keeping the valuables of the hirer. In India, safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, and extra-large are purchased from reputed manufacturers to suit the…
Read article What is the procedure to be followed on death of a locker hirer?
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 /…
How a bank returns safe custody articles to nominee/legal heir?
When a sole depositor of safe custody article dies, the article deposited in the bank may be returned to the nominee if nomination is available. The nominee shall submit death certificate of deceased depositor and identification of nominee. If there is no nomination available, article may be returned to the legal representative of the deceased…
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