DICGC asks deposit insured banks to display logo and QR code on online portals and websites
Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all banks to prominently display its logo and QR code on their websites and Internet banking portals by August 31 with a view to creating awareness about the deposit insurance scheme. “With a view to enhancing the awareness about deposit insurance in a focused and sustained…
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‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits within 100 days
The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. ‘ This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of…
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Why the NRIs need NRO accounts?
The account held by the resident Indian will be re-designated as an NRO account, once he/she becomes a Non-Resident Indian (NRI). A new NRO account can be opened in the bank from abroad if they need one. NRO account is maintained in Indian Currency. The NRO account holder can use these funds available in his…
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Bank depositors must know these DICGC claim settlement rules
The depositors of all Banks including branches of foreign banks functioning in India, local area banks and regional rural banks, and all State, Central, and Primary cooperative banks,(also called urban cooperative banks) are protected under the deposit insurance scheme of DICGC. The DICGC insures principal and interest up to a maximum amount of five lakhs.…
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Opening and operating bank accounts of mentally ill, lunatic and insolvent persons
Dealing with accounts of mentally ill or lunatic or insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation of such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be to…
Account holders need not visit bank to update KYC, says RBI
Bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and have not changed their address. The process for the periodic updation of KYC (re-KYC) under the prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder was…
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