Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit)
RBI/2013-14/359 DNBS.PD/ CC.NO.359 /03.10.001/2013-14 November 06, 2013 All NBFCs Dear Sirs, Migration of Post-dated cheques (PDC)/Equated Monthly Installment (EMI) Cheques to Electronic Clearing Service (Debit) A reference is invited to our Circular No DNBS.PD/ CC.NO.316 /03.10.001/2012-13 December 20, 2012 advising all NBFCs to ensure replacement of all Non-CTS-2010 standard compliant cheques received from their customers for future… Read More
Tags: cheque, CTS 2010, EMI, Negotiable Instruments Act 1881, Payment, Post-dated cheque, Reserve Bank of India, Section 25
Pernicious practices of select banks deterring customer protection and accounting integrity
RBI/2013-14/292 DBS.CO.PPD No. 3578 /11.01.005/2013-14 September 17, 2013 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) / Local Area Banks Madam/Dear Sir, Pernicious practices of select banks deterring customer protection and accounting integrity Please refer to our circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certain practices/products… Read More
Tags: Commercial bank, Consumer protection, Customer, Debit Card, EMI, Interest, Loan, Rate of return
RBI warns UCBs against High Risk Innovative Housing Loan Products
RBI/2013-14/268 UBD CO BPD (PCB) Cir. No.17/09.22.010/2013-14 September 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Housing Sector: Innovative Housing Loan Products - Upfront Disbursal of Housing Loans Primary (Urban) Co-operative Bank It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with… Read More
Tags: Bank, CICs, Construction, EMI, Loan, Mortgage loan, Public housing, Schemes
Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit)
RBI/2013-14/158 DPSS.CO.CHD.No./209/04.07.05/2013-14 July 24, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir Migration of Post-dated cheques (PDC)/Equated Monthly Instalment (EMI) Cheques to Electronic Clearing Service (Debit) We invite… Read More
Tags: Bank, cheque, Commercial bank, CTS 2010, Debit Card, EMI, Negotiable Instruments Act 1881, PDC
New Cheque formats under New Cheque Truncation System introduced by RBI
Replace your old Cheque books The latest directive RBI's says that one may not be able to use the old cheques with the implementation of the new Cheque Truncation System (CTS-2010) from next year onwards. The CTS 2010, eliminates physical movement of cheques for the purpose of clearing. Instead, only the electronic images of the cheques,… Read More
Tags: cheque, EMI, HDFC bank, new format, proof, Rupee, Standards Board of India