What is the Banking Ombudsman Scheme? The Banking Ombudsman Scheme provide forum to bank customers for resolution of complaints relating to banking services. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. Who is a Banking Ombudsman? Read more…
The law related to gratuity is governed by Payment of Gratuity Act. And to increase the Gratuity Limit, Payment of Gratuity Act will be amended by Parliament. The Gratuity Act amendment is yet to take place. There is no Payment of Gratuity Act 2016 or Payment of Gratuity Act amendment Read more…
United Forum of Bank Unions (UFBU) has decided to go on one day all India Strike on 28th February 2017. Schedule of program to be followed is: 13.02.2017 Press Release at all State Capitals and major centres (Common Press Note of UFBU, to be released by all the constituent unions) Read more…
Soon you may see recruitment advertisement of a public sector bank, which will look something likes this – “Required ‘Astrologers’ having degree in astronomy, for a leading nationalized Bank. The astrologer will be posted in Head Office and Branches of the bank. Job profile of the astrologer will be to predict, if the Read more…
In demand of a solution to the problems caused due to demonetisation and recovery of bad loans Bank Unions have called strike on 7th Feb 2017. All India Bank Employees Association (AIBEA), All India Bank Officers Association (AIBOA) and the Bank Employees Federation of India (BEFI) have issued a joint Read more…
In this series of study material for bank promotion, these are brief Notes on Banking Regulation Act. Read the underlined words carefully as they are important part of definition on which questions may be based. THE BANKING REGULATION ACT, 1949 Applicable to entire India Effective from 10.03.1949 Regulates all banking companies Read more…
Signing of an instrument on back, face or slip annexed to it for the purpose of negotiation. It can be endorsed by Drawer/ Maker, Holder or Payee is called endorsement under Negotiable Instruments Act, 1881. Person making endorsement is called ‘Endorser’ and to whom endorsement is made is called ‘Endorsee’. Read more…
As per Section 138 of Negotiable Instruments Act 1881, Cheque drawn for payment for discharge of any debt or other liability, is returned by the bank unpaid due to insufficient funds or exceeding the arrangement (in case of CC/OD account), such person is deemed to have committed an offence. Read more…
In this series, this is the study material for bank promotion (Notes on Negotiable Instruments Act). Read the underlined words carefully as they are important part of definition on which questions may be based. Negotiable Instrument Act 1881: Applicable to entire India including J&K. NI Act came into effect on 1st Read more…
Promissory note and Bill of Exchange are defined under Negotiable Instrument Act 1881 as under: Promissory note (Section 4) An instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the Read more…