Post by: Sreeram Viswanath in Banking
Dormant Account The English Language describes dormancy as a state of inactiveness. A Dormant Account is a banking term that refers to an account of a customer which was without any activity for a period of two years, other than…
Post by: Ramya Arul Rose in Government Initiatives
Ombudsman for Digital Transactions The Reserve Bank of India has implemented the Ombudsman for Digital Transactions (OSDT) in continuation of the Monetary Policy Statement released in 2018. The Scheme was launched under the Section 18 of Payment and Settlement Systems…
Post by: Bennisha in Banking Compliance
Cheque Truncation System Cheque truncation is a system for cheque clearing and settlement between banks that are based on electronic data/ images or both, without physical exchange of the instrument. Customers would deposit their cheques with their banks for collection.…
Banking Ombudsman Banking Ombudsman is a senior official appointed by the Reserve Bank of India(RBI) or a quasi (nominal) judicial authority functioning under India’s Banking Ombudsman Scheme 2006. Banking Ombudsman has the responsibility to resolve customer complaints against deficiency in banking services. At present 15 Ombudsmen…
Post by: Arun Kumar in Banking
Commercial Paper in India Commercial paper was first issued in the year 1990 in India as a short-term instrument. Commercial papers were introduced as a privately placed instrument for the Non-Banking Financial Companies (NBFC Registration) mainly to enable highly rated…
Post by: IndiaFilings in Business Startup
Implications of Cheque Bounce in India In India, a person issuing a cheque will be committing a criminal offence if the cheque is dishonoured (cheque bounce) for insufficiency of funds. Cheque bounce offence is punishable with imprisonment for a term…
