A Textbook of Banking and Insurance

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Author(s): Dr. S. Gurusamy

Published by Vijay Nicole Imprints Private Limited

Publication Date: Mon Feb 20 15:09:12 UTC 2023 Available in all formats

ISBN: 9789395245647

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Table of contents

Biographical note

Excerpt

User Reviews

Cover
Title Page
Copyright Page
Contents
Preface
Chapter 1 Opening Bank Accounts
- Bank Accounts
- Types of Accounts
  - Savings Account
  - Basic Savings Bank Account
  - Savings Bank Account with Reward Points
  - Current Account
  - Resident Foreign Currency (Domestic) Account
  - Fixed Deposit Account
- Fixed Deposit Receipt
  - Fixed Deposits Vs Chit Funds Vs Mutual Funds
  - Reinvestment Deposit Account
  - Flexi-Deposit Account
  - Senior Citizen Deposit Account
  - Recurring Deposit Account
  - Floating Rate Deposit Account
- Steps in Opening Accounts
  - Obtaining Letter of Introduction
  - Application Form
  - Specimen Signature
  - First Transaction
  - Issue of Cheque, Pay-in-slip, and Passbook
  - Operation of the Account by an Agent
- Savings Account Vs. Current Account
- Disclosure of Information
- Banker’s Liability
- Pay-in-Slip Book
- ‘Donatio Mortis Causa’
- Printed Cheque Forms—Merits
- Passbook
  - Meaning
  - Effect of Entries
  - Legal Implications
  - Banking Practice
- Review Questions
Chapter 2 Bank Customer
- Definition
- Bank Customer Relationship
  - Debtor and Creditor
  - Trustee and Beneficiary
  - Agent and Principal
- Special Type of Customers
  - Minors
- Customer Identification and KYC Norms
  - Meaning
  - Legal Compliance
  - Applicability
  - Customer Identification
  - KYC Documents for Normal Customers
  - KYC for Low Income Customers
  - Partnership Firm
  - Joint Stock Company
  - Married Woman
  - Executors and Administrators
  - Lunatics
  - Illiterate Persons
  - Trustees
  - Joint Accounts
  - Joint Hindu Family
  - Non-Trading Institutions
- Review Questions
Chapter 3 Bank Lending
- Significance of Bank Lending
- Lending Sources
- Bank Lending Principles
- Forms of Lending
- Loan Evaluation Process
- Securities for Lending
  - Personal Security
  - Collateral Security
  - Types of Collateral Securities
- Factors Influencing Bank Lending
- Review Questions
Chapter 4 Negotiable Instruments
- Meaning
- Characteristics
- Nature
- Negotiable Instruments – Features/Similarities
- Types
  - Cheque
  - Promissory Note
  - Bill of Exchange
  - Cheque Vs Bill of Exchange
  - Bill of Exchange Vs Promissory Note
- Review Question
Chapter 5 Crossing
- Definition
- Objective
- Crossing and Negotiability
- Need for Crossing
- Types of Crossing
  - General Crossing (Section 123)
  - Special Crossing (Section 124)
  - Not-negotiable Crossing
  - Account Payee Crossing
  - Double Special Crossing
  - Restrictive Crossing
  - Double Crossing
- Persons Eligible to do Crossing
- Consequence of Crossing
- Opening of Crossing
- Obliterating a Crossing
- Liability of the Paying Banker
- Marking of Cheque
  - Types of Marking
- Review Questions
Chapter 6 Endorsement
- Negotiation
- Meaning of Endorsement
- Definition of Endorsement
- Components of Endorsement
- Types
  - General or Blank Endorsement
  - In-full or Special Endorsement
  - Converted Full Endorsement
  - Partial Endorsement
  - Restrictive Endorsement
  - Conditional Endorsement
- Cheques Payable to Fictitious or Impersonal Persons
- Endorsement by Legal Representative
- Intentional Cancellation of Endorsement
- Negotiation Back
- Effect of Endorsement
- Duration of Endorsement
- Quality of a Bearer Instrument
- Rules Regarding Endorsement
- Review Questions
Chapter 7 Paying Banker
- Meaning
- Banker’s Duty
  - Precautions by a Paying Banker
- Dishonoring Customer’s Cheque
  - Cheque Bouncing - Consequences
  - Legal Course
  - Bankers Options
  - Proposed Changes
  - Dishonoring Cheques—Remarks
  - Dishonoring Cheques—Inappropriate Remarks
- Discharge of Paying Banker
- Payment in a Crossed Cheque
- Payment of Cheque by Mistake
- Material Alteration
  - Definition
  - Meaning
  - Non-material Alterations
  - Legal Effect
  - Burden of Proof
  - Protection to the Paying Banker
- Statutory Protection (Section 85)
  - In case of Order Cheques
  - In the Case of Bearer Cheques
  - In the case of Crossed Cheques
- Refusal of Cheque Payment
- Review Questions
Chapter 8 Collecting Banker
- Meaning
- Collecting Banker’s Role
  - As Holder for Value
  - Effects
  - As an Agent
- Statutory Protection (Section 131)
  - Conditions
- Collecting Banker’s Duty
  - Duty to Present the Cheque
  - Duty of Due-care and Diligence
  - Duty to Serve Notice of Dishonor
  - Legal Position
- RBI’s Instructions
  - Immediate Credit for Outstation Cheques
  - Interest for Delay
- Collection of Bills of Exchange
- Agent for Collection
- Accurate Accounts
- Paying Banker Vs Collecting Banker
- Review Questions
Chapter 9 Customer Grievances, Redressal and Ombudsman
- Customer Grievances
- Grievances Redressal
- Banking Ombudsman
- Banking Ombudsman Scheme
  - Object of the Scheme
  - Suspension of the Scheme
  - Appointment
  - Territorial Jurisdiction
  - Location of Office
  - Qualification
  - Tenure
  - Remuneration
  - Staffing of the Office
  - Powers and Duties
  - Other Powers and Duties
- Procedure for Redressal of Grievance
  - Making a Complaint
  - Calling for Information
  - Settlement of Complaint by Agreement
  - Recommendation for Settlement
  - Award by the Banking Ombudsman
  - Rejection of the Complaint
  - Procedure for Redress of Customer Grievance
- Review Questions
Chapter 10 Banking Regulations Act 1949
- Preamble
- Applicability
- Definitions
  - Banking
  - Banking Policy
  - Banking Branch
- Major Provisions
  - Banking Business (Section 6)
  - Board of Management
  - Minimum Paid-up Capital and Reserves
  - Capital and Voting Rights
  - Commission, Brokerage
  - Prohibition of Charge on Unpaid Capital
  - Prohibition of Floating Charge on Assets
  - Payment of Dividend
  - Prohibition of Common Directors
  - Reserve Fund
  - Cash Reserve
  - Subsidiary Companies
  - Loans and Advances
  - Branch Licensing
  - New Place of Business
  - Maintenance of Liquid Assets
  - Assets of the Bank
  - Accounts and Balance Sheet
  - Inspection
  - Directions to Banking Companies
  - Acquisition of Undertaking
  - Winding up of Banking Companies
  - Amalgamation
  - Recent Development
- Review Questions
Chapter 11 Insurance – An Overview
- Definition
- Basic Principles of Insurance
- Reinsurance
- Life Insurance
  - Meaning
  - Policies
- General Insurance
  - Meaning
  - Types
  - Policies
  - Other Insurances
  - Liability Insurance
- Concept of Insurance Services
- Health Insurance
  - Meaning
  - Health Insurance Policy
  - Health Insurance Plan
  - Employer Sponsored Plans
  - Government Sponsored Plans
  - Need for Health Insurance
- Motor Insurance
  - Meaning
  - Nature
  - Property Accident Aspect
  - Personal Accident Aspect
- Rural Insurance
  - Meaning
  - Potential
  - Delivery Channels
- Annuity
  - Definition
  - Features
  - Types
- Review Questions
Chapter 12 Insurance – Regulatory Framework
- The Insurance Act
- Insurance Regulatory and Development Authority of India (IRDAI)
  - Composition
  - Duties
  - Powers and Functions
  - Constitution
  - Composition of Authority
  - Tenure of Office
  - Administrative Powers
  - Meeting of Authority
  - Grants by Central Government
  - The Fund
  - Accounts and Audit
  - Powers of Central Government
- Insurance Advisory Committee
- Power to Make Regulations
- Major Amendments to Insurance Act
  - The First Schedule
  - Capital Requirements
  - Divesting Excess Shareholding
  - Conditions of Investment
  - Rural or Social Sector
  - Investigation and Inspection
- Insurance Agents, Intermediaries and Surveyors
  - Insurance Agents
  - Issue of Licence to Intermediary
  - Surveyors
- Review questions
Index

Dr. S. Gurusamy holds a doctorate in Financial Services. He specializes in the areas of financial management, financial institutions/markets/services, banking and insurance. He has over 30 years of teaching and research experience. He is former Professor and Head, Department of Commerce, University of Madras, Chennai.

A Textbook of

BANKING AND
INSURANCE

Published by

Vijay Nicole Imprints Private Limited

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A Textbook of Banking and Insurance

ISBN (Print): 978-93-95245-64-7

ISBN (ePub): 978-93-95245-66-1

ISBN (ePdf): 978-93-95245-67-8

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