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Articles by Shivaprasad Laxman Chhatre

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Why RBI withdrew the most popular money market product collateralized borrowing and lending (CBLO)

  Shivaprasad Laxman Chhatre    15 December 2023 at 10:54

Why are major financial market regulators ignoring statute/s, while pushing new products/policies, and exotic ideas, overlooking serious systemic, legal risks to the market segment/s they regulate?

Posted in Others |   936 Views


Why banks stopped issuing standalone ATM cards?

  Shivaprasad Laxman Chhatre    11 December 2023 at 16:27

Banks will not easily give up this debit card stream of revenue generation unless the RBI comes with an iron hand. Such ATM cards will be useful mainly to the senior citizen class, risk-averse and/or less technology savvy class of the bank customers.

Posted in Others |   2262 Views


A Comprehensive Guide to the Supreme Court's Rulings on Safe Deposit Lockers in India

  Shivaprasad Laxman Chhatre    06 December 2023 at 10:41

The Supreme Court of India's directions on hiring safe deposit lockers- - new locker agreement/s-confusion on stamping- many aspects the locker customers of banks need to know.

Posted in Others |   2797 Views


Card network portability ambiguity in RBI's circular

  Shivaprasad Laxman Chhatre    04 December 2023 at 14:20

RBI's directions on Card's network portability - ambiguity. What needs to be done to ensure card users get the desired benefits?

Posted in Others |   573 Views


Can Banks freeze inoperative SB and CD Accounts, return cheques issued and stop access to ATM service?

  Shivaprasad Laxman Chhatre    30 August 2022 at 12:27

In this article, I have attempted to highlight a few related aspects like recklessness at Integrated Ombudsman's office.

Posted in Corporate Law |   3828 Views


Can banks freeze a customer's account for non-compliance with Re-KYC (KYC review)?

  Shivaprasad Laxman Chhatre    29 August 2022 at 08:41

Neither RBI on its own can direct, a partial or total freeze of Re-KYC due (non-compliant) bank account nor it can delegate such authority to any bank/branch to impose such a freeze. RBI has formally confirmed that the directions it had given in Sept 2014 were applicable before the amendment on 20th April 2018.

Posted in Corporate Law  1 comments |   9158 Views


PMC bank's scheme of amalgamation: Was it not a travesty of justice?

  Shivaprasad Laxman Chhatre    11 February 2022 at 12:12

In this write-up, I have used the terminology retail, institutional deposit as has been used in the Scheme of amalgamation of PMC Bank with Unity Small Finance Bank (USFB) as published in the gazette of India notwithstanding it is a ridiculous and misleading terminology not consistent with provisions of DICGC or any existing law.

Posted in Others |   1848 Views


What PMC bank’s different classes of depositors, creditors would get if the proposed Scheme of amalgamation is approved?  

  Shivaprasad Laxman Chhatre    03 December 2021 at 10:04

After a big fraud that was reported, in September 2019, inspections conducted by RBI showed complete erosion of capital and substantial deposit erosion of the bank.

Posted in Others |   5191 Views


Are current methods of customer grievance redressal in RBI regulated entities adequate to redress the concerns of consumers?

  Shivaprasad Laxman Chhatre    16 November 2021 at 15:28

The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of consumers dealing with Banks, NBFCs, and in the Digital Transactions space.

Posted in Others |   2214 Views


Lodgement of depositors claims with DICGC - Issues - Need of process simplification without sacrificing safety and security

  Shivaprasad Laxman Chhatre    28 September 2021 at 09:35

Few readers of my earlier articles on the subject of DICGC called me and informed me that contrary to the applicable provisions some banks are not entertaining..

Posted in Others |   1610 Views