Articles related to Banking Knowledge.
Credit Guarantee Fund for Micro Units (CGFMU) was notified by Govt. on 18th April 2016 and has been made effective retrospectively for loans sanctioned with effect from 8th April 2015. CGFMU or in simple terms Guarantee Fund for Mudra Loans is managed by NCGTC (National Credit Guarantee Trustee Company Limited). The Read more…
Advances to individuals As per RBI guidelines, Banks may grant advances against the security of shares, debentures or bonds to individuals subject to the following conditions: (i) Purpose of the Loan : Loan against shares, debentures and bonds may be granted to individuals to meet contingencies and personal needs or for Read more…
Reserve Bank of India, on 29th September, 2016 directed banks and financial institutions to publish photographs of only wilful defaulters in the newspapers. RBI directed that photographs of other defaulters, who have not been declared as wilful defaulters are not to be published by banks and financial institutions. You may Read more…
Income Tax Return (ITR) is the first thing banks asks for after KYC documents for any type of loan. The borrower submits copies of Income Tax Returns to the bank, which he has filed online. As a banker, specially on credit desk, due diligence is very important for processing any Read more…
PAN or Permanent Account Number although primarily issued for Income Tax purpose but is necessary for many transactions and occasions. PAN is required by bankers at the time of loan application (and also for various transaction). What if someone lost PAN Card and do not remember his or her PAN Read more…
KYC is an important process in Banks and one of the important document submitted by customer is PAN (Permanent Account Number). It is important to verify the authenticity of PAN submitted by the customer to establish identity of the customer and also for further tax purposes. Some of the banks have established Read more…
KYC or “Know your customer” is a regulatory and legal requirement. KYC is important to prevent identity theft, financial fraud, money laundering and terrorist financing. Every Bank has framed a KYC policy by incorporating the directions of RBI such as Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. The Read more…
Charge on stocks & book debts machinery is also required to be filed with CERSAI. CERSAI, vide their notification dated 18/05/2016 has made it mandatory to file/ satisfy security transactions secured movables, intangibles and immovable other than equitable mortgage. Earlier security interest by way of mortgage of Immovable Properties were Read more…
Looking for Financle Commands used for banking? Finacle is one of the widely used CBS package in banking Industry, which is command based. Finding and remembering finacle commands is not an easy task. To help bankers to easily find financle commands here is the list of Finacle Commands (Finacale Menu Options). You Read more…
FEDAI has issued guidelines regarding joint holding in NRO accounts with residents. The guidelines have been issued by FEDAI based on clarifications sought from RBI. The FEDAI guidelines are given as under: Joint holding with residents Reference para 7 of schedule 3 of Reserve Bank of India notification number FEMA Read more…