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Articles by Shivaprasad Laxman Chhatre

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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.

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Posted in Corporate Law |   1764 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.

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Posted in Corporate Law  1 comments |   2718 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.

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Posted in Others |   1149 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.

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Posted in Others |   4059 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.

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Posted in Others |   1197 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..

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Posted in Others |   834 Views


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.

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Posted in Others  1 comments |   10866 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.

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Posted in Others |   714 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.

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Posted in Others |   1170 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

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Posted in Others |   813 Views




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