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Articles by Shivaprasad Laxman Chhatre

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KYC, Re-KYC, Misconceptions around KYC and Dormant Account

  Shivaprasad Laxman Chhatre    06 September 2021 at 13:36

KYC is a mandatory process by which bank/s, FI/s obtain information about the identity and address of the customers to establish the legitimacy of a customer.

Posted in Others  1 comments |   24242 Views


Will all eligible depositors of banks under directions, moratorium get an interim payment of Maximum of Rs. 5 lacs from DICGC in 90 days?

  Shivaprasad Laxman Chhatre    03 September 2021 at 09:38

The amendment has been made to the DICGC Act,1961 to provide interim payments to depositors subject to certain provisions stipulated in the DICGC (Amendment) Act, 2001.

Posted in Others |   1541 Views


Can a bank offer different rates of interest, on non-bulk Fixed Deposits?

  Shivaprasad Laxman Chhatre    05 July 2021 at 09:16

Discussing whether a bank can prescribe different rates of interest for the same tenure, for the same amount, on the same day, for different FD products, at the same or different branches of the bank.

Posted in Others |   1483 Views


RBIs directions on Auto re-designation of banking accounts into Senior Citizen Account

  Shivaprasad Laxman Chhatre    30 January 2021 at 09:56

Please peruse below the text of an important and relevant portion of a simple query, supported with a clear example, I posed to DBR (RBI). The circular below was issued by RBI following the policy statement of Governor RBI in Oct 2017

Posted in Others |   1075 Views


Inadequate oversight by financial regulators resulting in regulated entities practising random ways to generate revenue

  Shivaprasad Laxman Chhatre    21 September 2020 at 12:28

Inadequate oversight by financial regulators resulting in regulated entities practising random ways to generate revenue

Posted in Others  2 comments |   2112 Views


PMC almost became bankrupt overnight

  Shivaprasad Laxman Chhatre    14 October 2019 at 11:48

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank's failure and would broadly be aware as to how a co-operative bank

Posted in Others  2 comments |   7250 Views


Are e-Fixed Deposit receipt issued legal?

  Shivaprasad Laxman Chhatre    09 October 2019 at 17:09

In every walks of life, we come across a situation where we receive an unsigned business letter/Receipt/Advice which bears the legend 'This letter/Report Advice is computer generated and therefore does not require any signature', or similar to that. I think it is the best route for the originator to escape.

Posted in Others  5 comments |   14641 Views