The summary provides an overview of the key aspects of the relationship between a banker and a customer according to the document:
1. The relationship can be general, where the banker is a debtor and the customer is a creditor, or it can be special, with the banker taking on additional roles as a trustee, bailee, lessor, agent, custodian, or guarantor.
2. Banks must follow know-your-customer guidelines and apply customer due diligence to comply with anti-money laundering regulations.
3. The main types of bank accounts are current accounts, savings accounts, fixed/term deposits, and recurring deposits, each with different eligibility and features.
elationship between banker and customer
,
definition of a banker and customer
,
definition of banking
,
general relationship between banker and customer
,
relationship as debtor and creditor
,
special relationship: banker as trustee
,
pawner and pawnee
,
bailer and bailment relationship
,
mortgager and mortgagee relationship
,
executer
,
attorney
,
guarantor
,
duties of a customer
,
rights and duties of the banker towards the custom
,
rights of a banker
,
garnishee order
elationship between banker and customer
,
definition of a banker and customer
,
definition of banking
,
general relationship between banker and customer
,
relationship as debtor and creditor
,
special relationship: banker as trustee
,
pawner and pawnee
,
bailer and bailment relationship
,
mortgager and mortgagee relationship
,
executer
,
attorney
,
guarantor
,
duties of a customer
,
rights and duties of the banker towards the custom
,
rights of a banker
,
garnishee order
Collecting Banker: Duties, Statutory Protection and Concept of Negligence, Position of a Collecting Banker, Duties and Responsibilities of Collecting Banker,Statutory Protection to Collecting Banker, Holder
and
Holder in Due Course
Banking is defined accepting for the purpose of lending and investment, deposit of money from the public repayable on demand or otherwise and withdraw by cheque, draft order or otherwise.
Ombudsman - An official appointed to investigate individual’s complaint against maladministration especially that of public authorities.
Collecting Banker: Duties, Statutory Protection and Concept of Negligence, Position of a Collecting Banker, Duties and Responsibilities of Collecting Banker,Statutory Protection to Collecting Banker, Holder
and
Holder in Due Course
Banking is defined accepting for the purpose of lending and investment, deposit of money from the public repayable on demand or otherwise and withdraw by cheque, draft order or otherwise.
Ombudsman - An official appointed to investigate individual’s complaint against maladministration especially that of public authorities.
Definition of leverage, Types of Leverages, meaning of operating leverage, financial leverage, combined leverage, Formulas for Operating and financial leverage, variable cost, fixed cost, EBIT, Contribution, EPS-EBIT Analysis, Income statement, practical problems on leverages, etc.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
2. Definition of a ‘BANKER’
• The Banking Regulations Act (B R Act) 1949 does
not define the term ‘banker’ but defines what
banking is?
• As per Sec.5 (b) of the B R Act “Banking' means
accepting, for the purpose of lending or
investment, of deposits of money from the public
repayable on demand or otherwise and
withdrawable by cheque, draft, order or
otherwise."
3. Who is a ‘Customer’?
• The term Customer has not been defined by any
act.
• The word ‘customer’ has been derived from the
word ‘custom’, which means a ‘habit or tendency’
to-do certain things in a regular or a particular
manner’s.
• The term 'customer' is used only with respect to
the branch, where the account is maintained. He
cannot be treated as a ‘customer' for other
branches of the same bank.
4. Bank customers can be categorized in
to four broad categories
• Those who maintain account relationship with banks
i.e. Existing customers.
• Those who had account relationship with bank i.e.
Former Customers
• Those who do not maintain any account relationship
with the bank but frequently visit branch of a bank for
availing banking facilities such as for purchasing a
draft, en-cashing a cheque, etc. Technically they are not
customers, as they do not maintain any account with
the bank branch.
• Prospective/ Potential customers
5. Banker and a Customer Relationship
• The relationship between a banker and a
customer depends on the type of transaction.
• These relationships confer certain rights and
obligations both on the part of the banker and
on the customer.
8. Special Relationship
• Bank as a Trustee
– As per Sec. 3 of Indian Trust Act, 1882: A "trust" is
an obligation annexed to the ownership of
property, and arising out of a confidence reposed
in and accepted by the owner, or declared and
accepted by him, for the benefit of another, or of
another and the owner.’
– Thus trustee is the holder of property on behalf of
a beneficiary.
9. Special Relationship
• Bailee – Bailor
– Sec.148 of Indian Contract Act, 1872: A "bailment" is the
delivery of goods by one person to another for some
purpose, upon a contract that they shall, when the
purpose is accomplished, be returned or otherwise
disposed of according to the directions of the person
delivering them.
– The person delivering the goods is called the "bailor".
– The person to whom they are delivered is called, the
"bailee".
– Banks secure their advances by obtaining tangible
securities. In some cases physical possession of securities
goods (Pledge), valuables, bonds etc., are taken.
10. Special Relationship
• Lessor and Lessee
– Sec.105 of Transfer of property Act 1882: A lease
of immovable property is a transfer of a right to
enjoy such property, made for a certain
time, express or implied, or in perpetuity, in
consideration of a price paid or promised, or of
money, a share of crops, service or any other thing
of value, to be rendered periodically or on
specified occasions to the transferor by the
transferee, who accepts the transfer on such
terms.
– Safe deposit lockers
11. Special Relationship
• Agent and Principal
– Sec.182 of ‘The Indian Contract Act, 1872’ defines
“an agent” as a person employed to do any act for
another or to represent another in dealings with
third persons.
– The person for whom such act is done or who is so
represented is called “the Principal”.
– Banks collect cheques, bills, and makes payment
to various authorities viz., rent, telephone
bills, insurance premium etc., on behalf of
customers
12. Special Relationship
• As a Custodian
– A custodian is a person who acts as a caretaker of
some thing.
– Banks take legal responsibility for a customer’s
securities.
– While opening a Dmat account bank becomes a
custodian.
13. Special Relationship
• As a Guarantor
– Banks give guarantee on behalf of their customers
and enter in to their shoes.
– Guarantee is a contingent (conditional) contract.
– As per sec 31, of Indian contract Act, guarantee is
a “contingent contract ."
14. Termination of relationship between
a banker and a customer
• The death, insolvency, lunacy of the customer.
• The customer closing the account i.e.
Voluntary termination.
• Liquidation of the company.
• The closing of the account by the bank after
giving due notice.
• The completion of the contract or the specific
transaction.
15. Duties of a banker
a)
Duty to maintain secrecy/confidentiality of customers' accounts.
b)
Duty to honour cheques drawn by customers on their accounts
and collect cheque, bills on his behalf.
c)
Duty to pay bills etc., as per standing instructions of the customer.
d)
Duty to provide proper services.
e)
Duty to act as per the directions given by the customer. If
directions are not given the banker has to act according to how he
is expected to act.
f)
Duty to submit periodical statements i.e. informing customers of
the state of the account
g)
Articles/items kept should not be released to a third party without
due authorization by the customer
16. Types of Bank Accounts in India
•
•
•
•
Current deposits / accounts
Saving bank / saving fund deposits / accounts
Recurring deposits / accounts
Fixed deposits / accounts or term deposits
17. Types of Bank Accounts in India
• Traditionally banks in India have four types of deposit
accounts, namely Current Accounts, Saving Banking
Accounts, Recurring Deposits and, Fixed Deposits.
• However, in recent years, due to ever increasing
competition, some banks have introduced new products,
which combine the features of above two or more types of
deposit accounts.
• These are known by different names in different banks, e.g
2-in-1 deposits, Smart Deposits, Power Saving Deposits,
Automatic Sweep Deposits etc.
• However, these have not been very popular among the
public.
18. Current Account
(Who uses current accounts?)
• Current Accounts are basically meant for businessmen and are never used
for the purpose of investment or savings.
• These deposits are the most liquid deposits and there are no limits for
number of transactions or the amount of transactions in a day.
• Most of the current account are opened in the names of firm / company
accounts.
• Cheque book facility is provided and the account holder can deposit all
types of the cheques and drafts in their name or endorsed in their favour
by third parties.
• No interest is paid by banks on these accounts.
• On the other hand, banks charges certain
accounts.
service charges, on such
19. Savings Bank Account
(Who uses Saving Bank Accounts?)
• These deposits accounts are for individual accounts.
• These accounts not only provide cheque facility but also have lot of
flexibility for deposits and withdrawal of funds from the account.
• Most of the banks have rules for the maximum number of withdrawals in
a period and the maximum amount of withdrawal, but hardly any bank
enforces these.
• However, banks have every right to enforce such restrictions if it is felt that
the account is being misused as a current account.
• Till 24/10/2011, the interest on Saving Bank Accounts was regulared by
RBI and it was fixed at 4.00% on daily balance basis.
• However, wef 25th October, 2011, RBI has deregulated Saving Fund
account interest rates and now banks are free to decide the same within
certain conditions imposed by RBI.
20. Savings Bank Account
(Who uses Saving Bank Accounts?)
• Under directions of RBI, now banks are also required to
open no frill accounts (this term is used for accounts
which do not have any minimum balance
requirements).
• Although Public Sector Banks still pay only 4% rate of
interest, some private banks like Kotak Bank and Yes
Bank pay between 6% and 7% on such deposits.
• From the FY 2012-13, interest earned upto Rs 10,000 in
a financial year on Saving Bank accounts is exempted
from tax.
21. Fixed Deposit Accounts or Term Deposits
• All Banks offer fixed deposits schemes with a wide
range of tenures for periods from 7 days to 10 years.
• In case of need, the depositor can ask for closing (or
breaking) the fixed deposit prematurely by paying a
penalty (usually of 1%, but some banks either charge
less or no penalty).
• Variable interest fixed deposits, the rate of interest on
such deposits keeps on varying with the prevalent
market rates i.e. it will go up if market interest rates
goes and it will come down if the market rates fall.
22. Recurring Deposit Accounts
(Who use Recurring Deposit Accounts?)
• Suitable for people who do not have lump sum amount of
savings, but are ready to save a small amount every month.
• Normally, such deposits earn interest on the amount already
deposited (through monthly installments) at the same rates as are
applicable for Fixed Deposits / Term Deposits.
• Some Banks besides offering a fixed installment RD, have also
introduced a flexible / variable RD.
• Under these flexible RDs the person is allowed to deposit even
higher amount of installments, with an upper limit fixed for the
same e.g. 10 times of the minimum amount agreed upon.
• Recurring Deposit accounts are normally allowed for maturities
ranging from 6 months to 120 months.
24. Single/Joint
• Deposit accounts can be opened by an
individual in his own name (status : known as
account in single name) or by more than one
individual in their own names (status: known
as Joint Account).
25. Minor
• Minor accounts can be opened under the
guardianship of mother/father/legal guardian.
• No loan be allowed even against sufficient security.
• Under NIA can bind all other except for himself.
• Minor can be admitted only to the benefits of a
partnership.
• Minor can be appointed as an agent but shall not be
personally responsible to his principal who shall be
responsible for the acts of the minor agent.
26. Minor
• Savings Bank Account can also be opened by a
minor jointly with natural guardian or with
mother as the guardian (Status: known as
Minor's Account).
• Minors above the age of 10 will also be
allowed to open and operate saving bank
account independently.
27. Partnership Firms
• Max no of partners 20 (10 in banking)
• Registration is not mandatory, but only
registered firms can file suits to enforce a
contract.
• Minor can be admitted only to the benefits.
• A partner can bind the firm by doing usual
business on behalf of the firm.
• A partnership is not treated as a separate
entity from the partners.
• Death of a partner/admission of a partner
dissolves the partnership firm.
28. Joint Stock Companies
• Private Limited Companies
– Min. 2 and Max. 50 shareholders.
– Directors; min.2 and Max. 7
– Name must end with “Private Limited”
• Public Limited Companies
– Min. Directors – 3; Shareholders: Min-7 and Max – No
limit
– Name must end with “Limited”
• Government Companies
– 51% or more share held by the Govt.
29. Documents required for
opening an account
• Memorandum of association
• Articles of association
• Certificate of incorporation
• Certificate of commencement of business
30. Sleeping Accounts
• Accounts which are not operated for a
considerable period of time will be transferred to
a separate dormant / inoperative account status
in the interest of the depositor as well as the
Bank.
• The depositor will be informed of charges, if
any, which the Bank will levy on dormant /
inoperative accounts.
• The depositor can request the Bank to activate
the account for operating it.
31. ‘Know Your Customer’
As per ‘Know Your Customer’ guidelines issued by Reserve Bank of
India, customer has been defined as:
1.
A person or entity that maintains an account and/or has a
business relationship with the bank;
2.
One on whose behalf the account is maintained (i.e. the beneficial
owner);
3.
Beneficiaries of transactions conducted by professional
intermediaries,
such
as
Stock
Brokers,
Chartered
Accountants, Solicitors etc. as permitted under the law, and
4.
Any person or entity connected with a financial transaction, which
can pose significant reputational or other risks to the bank, say, a
wire transfer or issue of a high value demand draft as a single
transaction.
32. Money laundering
• It is the process of concealing the source of
large amounts of money that have been
gained through illegitimate means.
• Money evidently gained through crime is
"dirty" money, and money that has been
"laundered" to appear as if it came from a
legitimate source is "clean" money.
• Money can be laundered by many
methods, which vary in complexity and
sophistication.
33. Customer Acceptance Policy (CAP)
• Every bank should develop a clear Customer
Acceptance Policy laying down explicit criteria for
acceptance of customers.
– No account is opened in anonymous or fictitious /
benami name(s);
– The customers are categorized as per their risk
perception based on their profile
– Documentation requirements and other information
to be collected in respect of different categories of
customers depending on perceived risk
34. Customer Acceptance Policy (CAP)
• Not to open an account or close an existing account where the bank is
unable to apply appropriate customer due diligence measures.
• Circumstances, in which a customer is permitted to act on behalf of
another person/entity, should be clearly spelt out in conformity with the
established law and practice of banking as there could be occasions when
an account is operated by a mandate holder or where an account is
opened by an intermediary in fiduciary capacity.
• Necessary checks before opening a new account so as to ensure that the
identity of the customer does not match with any person with known
criminal background or with banned entities such as individual terrorists
or terrorist organisations etc.
35. What is Customer Due Diligence?
• Customer Due Diligence (CDD) can be defined
as any measure undertaken by a financial
institution to collect and verify information
and positively establish the identity of a
customer.
36. When should a bank apply CDD?
• establishes a business relationship;
• carries out an occasional transaction;
• suspects money laundering or terrorist
financing; or
• doubts the reality of documents, data or
information previously obtained for the
purpose of identification or verification