Internal Ombudsman in Banks
The Reserve Bank of India in May 2015 notified all public sector banks and some private sector and foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer (CCSO). The CCSO should not have worked in the bank in which he/she was appointed as CCSO. The Reserve Bank…
Read article
Nomination in India: What You Need to Know About Asset Transfers After Death
In India, nomination laws play a vital role in ensuring the smooth transfer of assets—such as bank accounts, insurance policies, mutual funds, and other holdings—after the death of the owner. While the nominee receives the asset, it’s important to understand that they are not always the ultimate legal owner. Instead, they often act as a…
Read article
Nomination facility for bank accounts/NSC/LIC/Mutual Funds/PPF explained
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 the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…
Read article Regulation of Banking Business: Acceptance of Deposits
The acceptance of deposits stands as the fundamental cornerstone of banking business, representing the primary source of funds that enables banks to fulfill their core function of financial intermediation. In India, the regulatory framework governing deposit acceptance has evolved into a comprehensive system designed to protect depositor interests while ensuring the stability and integrity of…
Read article Banking Regulation in India: Understanding the Power to Issue Directions
Banking regulation serves as the cornerstone of financial stability, ensuring that banks operate in a manner that protects depositors, maintains public confidence, and contributes to overall economic growth. In India, the Reserve Bank of India (RBI) wields significant regulatory powers that enable it to supervise and direct banking operations through a comprehensive legal framework. Among…
Role of Directors in Bank Corporate Governance
Directors play a central role in ensuring sound corporate governance in banks. They provide oversight, strategic direction, and accountability, thereby safeguarding depositor confidence and the financial stability of the institution. In a sector as sensitive as banking, directors act as fiduciaries who balance profitability with compliance and stakeholder protection. Board Composition A well-structured board combines…
Read article