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Collecting banker, Capacity of collecting Banker, conditions under section 131, Duties of collecting banker
1. Collecting banker
A COLLECTING BANKER IS A BANKER WHO
COLLECTS CHEQUES, DRAFTS, BILLS, PAY ORDERS,
TRAVELLER’S CHEQUE, LETTER OF CREDIT,
DIVIDEND WARRANTS, DEBENTURE INTEREST, ETC.,
ON BEHALF OF THE CUSTOMER . THE COLLECTING
BANKER ACTS AS AN AGENT OF THE CUSTOMER AND
NOT AS A BANKER.
2. Capacity of collecting banker
1. A collecting banker must ensure that the instrument is properly endorsed by the
customer or the holder .
2. A collecting banker must ensure that the instrument is presented for payment within a
reasonable time .
3. A collecting banker must ensure that the instrument is presented for payment at the
proper place.
4. A collecting banker must ensure that the instrument is presented for payment during
the usual banking hours .
5. A collecting banker must ensure that the instrument is presented for payment to the
drawee bank .
6. A collecting banker must ensure that the proceeds of the instrument are credited to the
customer’s account .
3. Conditions under section 131
1.The check should have been crossed
generally or especially to the bank.
2.The bank should have collected such cheque
for a customer as an agent for collection and not
as a holder for a value.
3.The proceeds of the collected cheque are
credited only to the account of the payee or to
the account of endorsee if endorsement on the
instrument is regular.
4.The collecting banker must have acted in good
faith. Here, ‘good faith’ means the banker had no
reasonable ground to believe that the customer
is not entitled to receive payment of the amount
therein mentioned.
4. Duties of a collecting banker
1.Acting as an agent of the customer: The collecting
banker acts as an agent of the customer and not as a
holder for value. The collecting banker must collect the
proceeds of the cheque only for the account of the
payee or the endorsee if the endorsement on the
instrument is regular .
2.Acting in good faith: The collecting banker must act
in good faith and have no reasonable ground to believe
that the customer is not entitled to receive payment of
the amount therein mentioned .
3.Acting without negligence: The collecting banker
should have acted without negligence. ‘Without
negligence’ means the account of the customer on
whose behalf the cheque is collected is opened with
proper compliance of KYC norms such as verification of