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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.
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.
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...
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.
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.
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.
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
Inadequate oversight by financial regulators resulting in regulated entities practising random ways to generate revenue
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
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.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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