BR - ACT (1) - Merged
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Prince GargBanking Regulation (BR) Act, 1949
1. Introduction to the BR Act, 1949
● History and Applicability
○ TheBanking Companies Act, 1949came into force onMarch 16, 1949. From March 1, 1966, it was renamed theBanking Regulation Act, 1949.
○ This Act regulates all banking companies in India and lays down rules for their operations, governance, and control.
○ Applicability: Implemented in Jammu & Kashmir since 1956 and later extended across India. However, it isnot applicableto primary agricultural societies,
cooperative land mortgage banks, and non-agricultural credit societies.
2. Definitions and Key Terms
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● ection 5-A: DefinesApproved Securitiesas thoseauthorized by the Central Government under theIndianTrust Act, 1882.
● Section 5-B: DefinesBankingas the acceptance ofdeposits from the public for lending or investment, repayable on demand or otherwise, through instruments
such as cheques or drafts.
● Section 5-F:Demand Liabilitiesare payable on demand,whileTime Liabilitiesare repaid after a set period.
● Section 5-N:Secured Loansrefer to loans backed by a security (asset) with a releasable value at least equal to the loan amount.
3. Permitted and Restricted Banking Activities
● S ection 6-1: Specifies the types of business activitiesthat banks can undertake, including accepting deposits, lending, borrowing, handling foreign currency
transactions, providing lockers, issuing letters of credit, acting as trustees, and other functions notified by the Government of India.
● Section 6-2: Restricts banks from engaging in non-bankingactivities, ensuring they focus solely on the permitted functions.
● Section 7: Only banking companies can use words like“Bank” or “Banking” in their names.
● Section 8: Banks cannot engage in the buying, selling,or trading of goods, except when realizing securities or collateral.
● Section 9: Banks cannot hold immovable property for over seven years, except for their own use, extendable by five more years with RBI’s approval.
4. Capital and Shareholding Regulations
● S ection 10: Sets the maximum tenure of management(e.g., Chairman, Director) to five years, extendable by another five years. A recent government update
(November 17, 2022) allows appointments up to 10 years, subject to a retirement age of 60 years.
● Sections 11 & 12: Specifies the minimum paid-up capitalrequirements:
○ Foreign Banks: ₹15 lakh (₹20 lakh if operating in major cities like Mumbai or Calcutta).
○ Domestic Banks: ₹5 lakh minimum.
● Authorized Capital Ratio: The Act specifies a capitalstructure ratio of 4:2:1 for authorized, subscribed, and paid-up capital, respectively.
● Voting Rights: Shareholders are limited to a maximum of10% voting rightsregardless of their shareholding size.
5. Financial and Operational Controls
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● ection 13: Commission & Brokerage: Banks cannot pay more than2.5% of the paid-up value of sharesas commission or brokerage.
● Section 15: Prohibits banks from paying dividendsbefore capitalized expenses are written off, ensuring prudent financial management.
● Section 17-1: Requires banks to transfer20% of theiryearly profits to a reserve fundbefore declaringdividends. RBI increased this requirement to25%
starting March 31, 2001.
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ection 18:Cash Reserve: Non-scheduled banks must maintain at least3% of their demand and time liabilitiesas cash reserves or in a current account with
RBI.
6. Investment and Subsidiary Regulations
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● ection 19: Allows banks to form subsidiary companies.
● Section 19(2): Limits banks’ shareholdings in othercompanies to30% of their paid-up share capital andreserves, or 30% of the share capital and reservesof
the company being invested in, whichever is lower.
● Section 20: Prohibits banks from lending by pledging their own shares, ensuring neutrality and preventing conflicts of interest.
7. Regulatory Powers of RBI over Banks
● ection 21: RBI can issue directions to banks regardingtheir loan policies to promote financial stability and discipline.
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● Section 21-A: Courts cannot question the interestrates charged by banks post-February 15, 1984, even if perceived as excessive.
● Section 22: Banks must obtain alicense from RBItooperate in India.
● Section 23: RBI permission is required for openingnew branches or relocating existing ones.
● Section 24: Banks must maintain a portion of their net demand and time liabilities in the form of cash, gold, or other unencumbered securities, capped at 40%.
8. Reporting and Compliance Requirements
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● ection 26: Unclaimed deposits (aged 10 years or more)must be reported to RBI within 30 days after the end of the calendar year.
● Section 31: Banks must submit theirbalance sheet and audit report within three monthsof the reporting period’s end; RBI may extend this by another three
months.
9. Banking Law Amendment Act, 2012
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● nacted onJanuary 18, 2013, the amendment introducedseveral changes to strengthen RBI’s control over banks.
● Board Removal: RBI can remove a bank’s Board of Directorsfor up to six months, extendable to 12 months with government consultation.
● Capital Raising: Nationalized banks can increase their authorized capital throughbonus shares and rights issuesafter approval from the Central Government
and RBI.
● Deposit Education and Awareness Fund (DEAF): Establishedunder Section 26A to use unclaimed funds for educating depositors.
● Voting Rights in Private Banks: Increased from 10% to 26% to encourage investments, with government voting rights in public sector banks raised to 10%.
10. Inspection, Resolution, and Nomination Powers
● ection 35: RBI has the authority to inspect banksand issue necessary instructions, such as rounding off transactions to the nearest rupee.
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● Section 35A: RBI can give directives to banks in thepublic interest.
● Section 35AA & 35AB: Allows RBI to direct banks undertheInsolvency and Bankruptcy Code, 2016, to resolvebankruptcy cases and manage bad accounts.
● Section 36: Empowers RBI to dismiss any bank’s chairmanor employee if deemed necessary.
● Section 45: RBI can apply to the Central Governmentfor suspending a bank’s business or preparing reconstitution or amalgamation plans.
● Section 45Y: Empowers the Central Government, in consultationwith RBI, to set rules for the preservation of bank records and documents.
● Sections 45ZA, ZC, ZE: Allow nomination in deposit,safe custody, and locker accounts, respectively.
● Section 47A: RBI can penalize banks for violatingits instructions.
● Section 49A: Restricts acceptance of deposits by entities other than licensed banking companies, RBI, or SBI.
Reserve Bank of India (RBI) Act
1. Establishment and Management of RBI
● Founding and Purpose
○ The Reserve Bank of India (RBI) was established on April 1, 1935, following the recommendations of theJohn Hilton Young Commission(also known as
the Royal Commission on Indian Currency and Finance).
○ The primary aim of RBI's establishment was to regulate the issue of banknotes, maintain monetary stability, operate the currency and credit system of the
country, and help ensure the growth of India’s economy.
● Nationalization
○ On January 1, 1949, RBI was nationalized under theReserve Bank (Transfer of Public Ownership) Act,1948. The Central Government took over the
paid-up capital of ₹5 crores, thereby transforming RBI from a privately owned institution to a state-owned entity.
● Organizational Structure
○ Central Board of Directors: RBI is governed by a CentralBoard comprising a Governor, four Deputy Governors, and 15 other Directors. The board also
has four local boards located inMumbai, Delhi, Calcutta,and Chennaito address regional interests.
○ Notable Governors:
■ First Governor:Sir Osborne Smith
■ First Indian Governor:Dr. C. D. Deshmukh
■ Current Governor:Shaktikanta Das
2. Functions of RBI
● Issuer of Currency
○ RBI is the sole authority in India for the issuance of banknotes, providing the country with a unified currency system (Section 22).
○ TheCentral Government issues the one-rupee note,signed by the Finance Secretary, while other denominations are issued by RBI.
○ RBI establishescurrency chestsacross the countryto manage the distribution and secure storage of currency notes and to ensure adequate currency
flow.
● Banker to Government
○ Central Government: RBI acts as the banker to theCentral Government (Section 20), handling its banking transactions, managing debt, and performing
advisory functions.
○ State Governments: RBI also serves as the banker toState Governments (Section 21-A), assisting them in financial management and providing expert
advice on monetary policies.
○ RBI facilitates the management of government finances, including the collection of revenue, payment of government expenses, and servicing of public
debt.
● Currency and Lending Regulation
○ To ensure financial stability, RBI regulates the money supply in the economy throughCash Reserve Ratio(CRR)andStatutory Liquidity Ratio (SLR):
■ CRR: The percentage of a bank’s daily balance thatmust be kept with the RBI. Since 2006, CRR has no minimum or maximum statutory limit; the
current CRR rate is4.50%.
■ SLR: The percentage of net demand and time liabilities(NDTL) that banks must hold in cash, gold, or approved securities. The current SLR is18%
(maximum limit set under the Banking Regulation Act, 1949).
● Banker of Banks
○ RBI functions as the banker for other banks in India, including commercial, cooperative, and regional banks, facilitating their operations and maintaining
stability.
○ R BI providesrefinance facilitiesto banks, supporting their liquidity requirements. In times of financial strain, RBI acts as alender of last resort, providing
loans to ensure banks’ solvency.
Credit Regulation
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○ RBI regulates credit through several mechanisms to maintain economic stability:
■ Bank Rate Policy: The interest rate at which RBI providesloans to commercial banks.
■ Open Market Operations (OMO): Buying and selling ofgovernment securities to regulate money supply.
■ Variable Reserve Ratios: Adjustments in CRR and SLRto influence bank reserves.
■ Selective Credit Controls: Targeted restrictions onloans to certain sectors to prevent over-lending.
■ Moral Suasion: Persuasive efforts by RBI to encourage banks to follow certain policies.
3. Regulation and Control of Banking System
● Licensing
○ All banks operating in India must obtain alicensefrom RBIto ensure compliance with regulatory standards,safeguarding depositors’ interests, and
promoting banking discipline.
● Monitoring and Supervision
○ RBI constantly monitors the performance and risk management practices of banks to ensure stability within the financial system.
● SLR Compliance
○ Under Section 24 of theBanking Regulation Act, 1949,banks must maintain a portion of their deposits (currently 18%) in liquid assets like cash, gold, or
government securities. The SLR serves as a buffer to ensure liquidity and financial health of banks.
● Branch Expansion
○ RBI approval is required for banks to open new branches, ensuring that expansion is in line with national economic objectives and that services are
accessible.
● Inspection and Supervision
○ Under Section 35 of theBanking Regulation Act, RBIhas authority to inspect any bank’s capital, funds, cash reserves, loans, and management. This
allows RBI to identify and rectify irregularities.
○ If a bank shows persistent irregularities with no corrective action, RBI can arrange for itsliquidationor merger.
● Liquidation and Merger
○ If a bank is financially unsound, RBI can apply to the court for its liquidation (Section 38). In some cases, it may merge weaker banks with stronger banks to
protect the interests of depositors and maintain financial stability.
4. Other Responsibilities
● Direct Action
○ RBI holds authority to takedirect actionagainstbanks that do not comply with its policies or instructions, ensuring adherence to regulatory standards.
● Information Publication
○ An essential function of RBI is to publish detailed information on India’s currency, debt market, finance, economic condition, and banking sector,
contributing to transparency and informed policy-making.
● Agricultural Credit System
○ RBI advises Central and State Governments on agricultural finance and studies credit requirements in rural areas. NABARD, a dedicated institution for
agricultural finance, now manages much of this function.
● Additional Roles
○ RBI also manages government securities, approves loans for agriculture, and represents the Indian government in international financial organizations like
theInternational Monetary Fund (IMF), securing India’s international economic interests.
5. Key Provisions of the RBI Act
● S ection 2: DefinesScheduled Banksas banks listedin the Second Schedule of the RBI Act, granting them certain privileges, such as eligibility for loans from
RBI.
● Section 17: Outlines the various business activitiesof RBI, including lending, buying and selling foreign exchange, and conducting open market operations.
● Section 18: RBI can provide emergency loans to banksat a lower interest rate to help them during financial crises.
● Section 20: Designates RBI as the banker to the CentralGovernment, managing its accounts and transactions.
● Section 21: Authorizes RBI to manage all governmenttransactions within India.
● Section 22: Empowers RBI to issue banknotes, establishingit as the exclusive issuer of currency.
● Section 24: Details the denominations of currencythat can be issued by RBI (currently up to ₹10,000); however, the Central Government holds the authority to
withdraw certain denominations from circulation.
● Section 26: Declares that RBI-issued banknotes arelegal tenderguaranteed by the Central Government,establishing them as a reliable medium of exchange.
● Section 31: Prohibits any entity other than RBI fromissuing bearer notes, safeguarding RBI’s control over the currency system
Negotiable Instruments Act Capsule
· Provision relating to Negotiable Instruments are given in the Negotiable Instruments Act,1881
· NI Act is applicable in whole of India including Jammu & Kashmir.
· AsperSection13ofNegotiableInstrumentAct,1881,therearethreekindsofNegotiableInstruments.ThosearePromissoryNote,BillofExchange
andChequepayableeithertoOrderorBeareroftheInstrument;thesearetermedasNegotiableInstrumentsbySculpture.AsperSection137ofTransfer
ofPropertyact:DocumentsassociatedwithTitleofproductslikeRailwayReceipt,BillofLading,Warehousereceipt.(AirwayBillsdon’tseemtobetreated
as Negotiable Instruments). As per Practice: Government Promissory Note, treasury Bills, Certificate of Deposit, Business Papers.
· The main feature of negotiable instrument is that it is freely transferable and the title of the transferee will be better than the transferor.
· PromissoryNote(Section4ofNIAct):Undersection4ofNIAct,apromissorynoteisaninstrumentthatcontainsawrittenpromisesignedbyone
party to pay another party or his order a particular total of cash, either on-demand or at a future date.
There are two kinds of Promissory Notes:
1.Demand Promissory Note:A promissory note that is payable directly on demand.
2.Usance Promissory Note:A promissory Note is payable when a definite pre-decided amount.
Promissory Notes payable to bearer
AsperSection31ofRBIAct,DemandPromissoryNotes/DemandBillofExchange/Hundispayabletobearercan’tbeissuedbyanybodyexceptRBIand
Government of India since that’s nearly as good as Currency Notes and ruled by Indian Currency Act.
· Bill of Exchange (Section 5 of NI Act)
As per NegotiableInstrumentAct1881,abillofexchangeisoutlinedasaninstrumentinwritingcontaininganunconditionalorder,signedbythemaker,
directive a definite person to pay a definite total of cash solely to, or to the order of a definite personor to the bearer of the instrument.
The essential features of a bill of exchange are:
1. A Bill of Exchange should be in writing.
2. It’s an unconditional order to form payment a definite total to a definite person.
3. The maker of the bill of exchange should sign it.
4. The date on that payment is created should even be sure.
5. The quantity mentioned within the bill of exchange is payable either or on the expiry of a set amount of your time.
6. It should be sealed as per the necessity of law.
In the instrument Bill of Exchange there are two parties:
1. Drawer: The one who orders to pay. He’s the one who is entitled to receive the cash. He’s needed to sign the bill and send it to the drawee for
acceptance.
2. Drawee:Draweeisthatthepersononwhomthebillusdrawn.He’stheonewhoowesthecashandisdirectlytopay.Sinceaminorcan’tincurany
liability, he can’t be a drawee. The drawee becomes acceptor on acceptance of the bill of exchange for payment.
· Ambiguous instrument (Section 17 of NI Act)
The ambiguous instruments is Negotiable instrumentthatisprobablythankstofaultydraftingisdrawninsuchawaythatitareoftentreatedasaB/Eor
debt instrument.
· Inchoate Instrument (Section 20)
TheincipientinstrumentisNegotiableinstrumentthatisincompletewithreferencetodate,receiverandquantity.Holderofsuchinstrumenthastheproper
to finish it. Associate in Negotiable instrument with no signature isn’t valid in any respect.
· Cheques (Section VI on NI Act)
AspersectionVIoftheNegotiableInstrumentAct,ChequecouldbeaBillofExchange,continuallydueondemandandalsothedraweeisusuallyaBank.
Withtheexceptionofphysicalcheque,Electronicchequeandimageofthechequearetreatedasvalidinstruments.NosurekindofChequeisgivenwithin
the act. However, RBI has prescribed formats and features as per CTS-2010 Cheque standards that have been created necessary w.e.f 01.01.2013.
· Difference between Holder and Holder in due course
eaning of Holder:
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Section 8 of Negotiable Instruments Act 1881 defines the term Holder. A Holder is a person who is entitled in his own name to the possession of a
negotiable instrument to receive and recover the amount due on the instrument.
1. A holder is a person who lawfully obtains the negotiable instrument. The negotiable instrument has his name entitled on itsohecanreceivethe
payment from the parties liable.
2. A holder may or may not be in possession of the instrument.
3. If the title of the prior party is defective and does not have a legal right to deliver the instrument to the holder, the holder also has no such right.
4. Holder is entitled to the possession of the instrument in his own name
Kinds of Holder
De Jure – It means that the holder of a negotiable instrument as a matter of legal right.
De facto – It means the holder of a negotiable instrument by the virtue of possession but not entitled in his/her own name.
Meaning of Holder in Due Course:
· Holder in due course means a person who has the possession of the instrument.
· A holder in due course is a person who acquires the negotiable instrument (in good faith) for some consideration, whose payment is still due.
· Always in the possession of the instrument.
· Holder in due course is free from the defective title of prior party.
· Holder has to obtain it in good faith for some consideration.
· Consideration is necessary.
· A holder in due course has a complete right to sue the prior parties.
· The holder in due course always obtains the instrument in good faith (with bonafide intentions).
· A person can become holder in due course only before the maturity of negotiable instrument.
· Kinds of Endorsement of Negotiable Instrument
Section15oftheNegotiableInstrumentActdefinestheterm.Endorsementisthesignaturebythemakerordraweroraholderofthenegotiableinstrument,
with or without writing, for the purpose of negotiation. Depending on the case, the endorsement is done by the holder, and if no space is left then the
endorsement isdoneonaseparatepaperslipannexedwhichisknownas“allonge”.Thepersondoingtheendorsementisknownasendorserwhilethe
person receiving such endorsed instrument is known asendorsee
TYPES OF ENDORSEMENT:
There are 7 types of endorsement which are as follows:
1. Blank or General Endorsement
2. Special or Full Endorsement
3. Partial Endorsement
4. Restrictive Endorsement
5. Conditional or Qualified Endorsement
6. Sans Recourse
7. Facultative
lank or General Endorsement –Whenanendorsersignshisnameonlyontheinstrumentanddoesnotspecifythenameofanypersontowhomthe
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payment is to be made, i.e, no endorsee is specified, then such endorsement is known as blank or general endorsement.
Ablankendorsementcanbechangedintoafullendorsementbytheholderbymentioningthenameabovethesignatureoftheendorserwiththedirection
to whom or to whose order it is payable.
Illustration: A endorses a bill bysimplyaffixinghersignature.ThisisknownasablankendorsementbyA.Inthiscase,thebillbecomespayabletothe
bearer.
pecial or full endorsement – An endorsement is said to be full or special when the endorser signs the instrument as well asmentionsthenameon
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whose favor the endorsementisdone.Inthiscase,onlytheendorseecantransfertheinstrumentandincaseiftheamountisdueontheinstrumentthe
endorser becomes liable to be sued by the payee.
Illustration:XistheholderofabillthatisendorsedbyYintheblank.Xmentionsthe“paytoZororder”nameoverY’ssignature.Thewritingmakesthe
instrument operate the endorsement in full from Y to Z.
PartialEndorsement–Inpartialendorsement,onlyapartofthedueamountontheinstrumentistransferredtotheendorsee.Suchendorsementdoesnot
ork as negotiation of the instrument. The balance can be negotiated by the endorsement only if the amount partly paid is mentioned in the instrument.
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Illustration: Suppose X is the holder of a bill for Rs.2000. He endorses it “pay to Y or order Rs.1000”. Such endorsement is known as a partial
endorsement and is invalid for negotiation.
estrictiveendorsement–Arestrictiveendorsementisanendorsementthatputsarestrictionorprohibitsthefurthernegotiationofaninstrumentbythe
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endorsee.Thisisdoneeitherbyexpressedwordsorbyexpressingthatitisanincompleteandunconditionaltransferoftheinstrument.Itistheauthorityof
the endorsee to deal with the directions as mentioned by the endorsement. Such endorsement entitles the endorsee of alltherightsexcepttherightof
negotiation further. Sometimes the restrictive endorsement is done to receive the contents of the endorser or any other specified person. Restrictive
endorsement helps in avoiding the risk of fraud or forgery by an unauthorized person.
Illustration:A endorses any negotiable instrument as ‘pay B for the account of C’ thereby restricting the negotiability of the instrument.
“Pay to X only”, “pay to X for my use” or “pay to X or order of collection” are some examples of restrictive endorsement.
onditionalorQualifiedEndorsement–Whentheendorserputshissignaturealongwithcertainconditionsinwritingontheinstrumentandwheresuch
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instrumentisoperativeonlyonthefulfillmentofsuchconditionsorhappeningofacertainevent,suchendorsementisknownasaconditionalendorsement.
This thus limits or navigates the endorsee’s liability.
Theconditionsmayeitherbeconditionprecedentorconditionsubsequent.Intheformer,theendorseedoesnothavetherightaftertheconditionisfulfilled,
whereas in the latter the endorsee’s right is defeated on the fulfillment of the conditions.
Conditional endorsement does not affect the negotiability of the instrument.
ansRecourse–Accordingtosection52oftheNegotiableInstrumentAct,anendorserhastherighttoexcludehisliabilitybywritingintheendorsement.
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Such endorsement is known as ‘sans recourse’ or‘withoutrecourse’.Further,ifhebecomestheholderoftheinstrumentagain,thenalltheintermediate
endorsers will be liable to him. In case if the endorsement is done without recourse, the endorser will not be held liable if the instrument is dishonored.
Illustration:Aisthepayeeofthenegotiableinstrument.Heendorsesit‘sansrecourse’toB.BendorsesittoC,CtoD,andDagainendorsesittoA.In
this, A is reinstated with his former rights as well as has the rights of an endorsee again B, C, and D.
acultative Endorsement –
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In facultative endorsement, the endorser either disclaims some of the rights to which he is entitled or increases his liability under the instrument. The
purpose of a facultative endorsement is to make the endorser liable, even though he is not liable under the Act.
Banker-Customer Relationship
1. Definition of a Customer
● General Definition: In banking terminology, a customer is defined as a person who holds:
○ A deposit account
○ A loan account
○ A locker or goods safe custody account with a bank.
● Know Your Customer (KYC) Guidelines: According to RBI’s KYC policy, a customer includes:
○ Any person or entity that maintains an account with the bank or has any business relationship with the bank.
○ Beneficial owners for whom accounts are maintained.
○ Beneficiaries of transactions conducted by intermediaries (e.g., stock brokers).
○ Any person or entity linked to a financial transaction that poses reputational risks to the bank.
2. Legal Relationships Established
When a person becomes a customer, a legal relationship is formed between the bank and the customer. This relationship can take various forms:
● Debtor & Creditor:
○ When a customer is a depositor, the customer is considered a creditor, while the bank is the debtor.
○ In the context of a bank draft, the drawee is the creditor, and the bank is the debtor.
● Creditor & Debtor:
○ If the customer takes out a loan, the customer is the debtor and the bank is the creditor.
● Trustee & Beneficiary:
○ In situations where a person deposits money without specific instructions, the customer is the beneficiary, and the bank acts as the trustee.
○ For a bank draft, the payee is the beneficiary, and the bank is the trustee.
● Agent & Principal:
○ When a customer deposits a cheque, the bank acts as the agent to collect the payment on behalf of the customer, who is the principal.
3. Termination of the Customer Relationship
The banker-customer relationship can end under several circumstances:
● Account Closure: When the customer voluntarily closes the account after providing the required notice.
● Bank Closure: The bank may close the account after the notice period expires, providing due notice to the customer.
● Customer's Death or Bankruptcy: The relationship ends when a customer dies, goes bankrupt, or is declared insane.
● Garnishee or Attachment Order: If a garnishee or attachment order is issued against the customer's account, the relationship is temporarily suspended.
4. Roles and Responsibilities
● Bailee and Bailor:
○ When a customer deposits goods with the bank for safe custody, the customer is the bailor and the bank is the bailee. Under the Indian Contract Act of
1872, the bank must take proper care of the goods.
● Lessor and Lessee:
○ When a customer rents a locker from the bank, the bank becomes the lessor, and the customer is the lessee.
5. Duties of the Banker
To fulfill the banker-customer relationship, banks have certain obligations:
● Honoring Cheques:
○ Banks must honor cheques issued by their customers as long as:
■ Sufficient funds are available in the customer's account.
■ The funds are adequate to cover the cheque amount.
■ There is a formal expectation that the bank will honor the cheque.
● Confidentiality:
○ B anks must keep the customer's account information and transactions confidential. This is a statutory obligation that persists even after the account is
closed.
Collection of Cheques and Bills:
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○ Banks are responsible for collecting cheques and bills on behalf of their customers and providing periodic statements.
6. Banker's Rights
Banks have certain rights in their relationship with customers:
● Right of Lien:
○ A bank can retain goods or securities of a customer until the due amount is paid. This right does not include the ability to sell the goods.
○ Types of Lien:
■ Special Lien(Section 170): Applicable for specific transactions. The bank retains only the goods or securities related to that transaction.
■ General Lien(Section 171): The bank can retain any goods or securities until all debts owed by the customer are settled.
● Right of Set-off:
○ If a customer has both deposit and loan accounts, the bank can adjust these accounts against each other, provided:
■ Both accounts are in the same name.
■ The debt is justifiable.
■ The customer is informed before exercising this right.
● Right of Appropriation:
○ Under the Indian Contract Act of 1872, if a debtor repays more than one loan, they can specify which account the payment should be credited to. If not
specified, the lender may allocate it to any account at their discretion.
7. Garnishment Orders
Garnishment is a legal process whereby a creditor can obtain a court order to collect debts from a bank account:
● Key Terms:
○ Judgment Debtor: The debtor against whom the order is issued.
○ Judgment Creditor: The creditor for whom the order is issued.
○ Garnishee: The bank on which the order is served.
○ Order Nisi: A temporary order requiring the bank to provide account information.
○ Order Absolute: A final order specifying the amount to be paid.
● Implications:
○ Upon receiving a garnishee order, the banker-customer relationship is temporarily suspended.
○ The bank may still exercise the right of set-off even after receiving such orders.
● Applicable Accounts:
○ All deposit accounts (including fixed and recurring deposits) are subject to garnishment.
○ Accounts must be in the same name and capacity for the order to be applicable.
8. Attachment Orders
Attachment orders are issued by revenue or tax authorities to secure dues from customers:
● Issuing Authority:
○ Attachment orders are issued by authorities such as the Income Tax Officer under Section 226(3) of the Income Tax Act, 1961.
● Applicability:
○ Such orders apply to all deposits at the time of receipt or deposits made after the order.
○ Similar to garnishment orders, they apply to joint accounts and must be paid proportionately.
● Differences from Garnishment Orders:
○ Issuing Authority: Garnishment is issued by courts, whereas attachment orders come from tax authorities.
○ Applicability: Garnishment orders are specific to personal dues, while attachment orders can be for government dues.
Banking Ombudsman Capsule
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1 The Ombudsman Scheme has been started by RBI under section 35A of B R Act.
2. Its is applicable on all Scheduled Commercial Banks including Private sector banks and foreign banks, RRB/Coop Banks (Including J & K)
3. Ombudsman is appointed by RBI. The appointment will be for 3 years at a time.
4. The Banking Ombudsman can be a senior official (Chief General Manager/ General Manager of RBI) appointed by the Reserve Bank of India.
5. The expenses of Ombudsman will be borne by RBI.
6. The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services:
● non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.;
● non-acceptance, without sufficient cause,ofsmalldenominationnotestenderedforanypurpose,andforchargingofcommissionin
respect thereof;
● non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
● non-payment or delay in payment of inward remittances;
● failure to issue or delay in issue of drafts, pay orders or bankers’ cheques;
● non-adherence to prescribed working hours;
● failure to provide or delay in providing abankingfacility(otherthanloansandadvances)promisedinwritingbyabankoritsdirect
selling agents;
● delays,non-creditofproceedstoparties'accounts,non-paymentofdepositornon-observanceoftheReserveBankdirectives,ifany,
applicable to rate of interest on deposits in any savings, current or other account maintained with a bank ;
● complaintsfromNon-ResidentIndianshavingaccountsinIndiainrelationtotheirremittancesfromabroad,depositsandotherbank
related matters;
● refusal to open deposit accounts without any valid reason for refusal;
● levying of charges without adequate prior notice to the customer;
● Non-adherence to the instructions of Reserve Bank on ATM / Debit Card and Prepaid Card operations in India by the bank or its
subsidiaries
● Non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on credit card operations
● Non-adherence to the instructions of Reserve Bank with regard to Mobile Banking / Electronic Banking service in India by the bank
● Non-disbursementordelayindisbursementofpension(totheextentthegrievancecanbeattributedtotheactiononthepartofthe
bank concerned, but not with regard to its employees);
● Refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government;
● Refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities;
● Forced closure of deposit accounts without due notice or without sufficient reason;
● Refusal to close or delay in closing the accounts;
● Non-adherence to the fair practices code as adopted by the bank;
● Non-adherencetotheprovisionsoftheCodeofBank'sCommitmentstoCustomersissuedbyBankingCodesandStandardsBoardof
India and as adopted by the bank ;
● Non-observance of Reserve Bank guidelines on engagement of recovery agents by banks;
● Non-adherencetoReserveBankguidelinesonpara-bankingactivitieslikesaleofinsurance/mutualfund/otherthird-partyinvestment
products by banks
● Any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.
● A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances
n
● on-observance of Reserve Bank Directives on interest rates;
● delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
● non-acceptance of application for loans without furnishing valid reasons to the applicant; and
● non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank’s Commitment to
Customers, as the case may be;
● non-observanceofanyotherdirectionorinstructionoftheReserveBankasmaybespecifiedbytheReserveBankforthispurpose
from time to time.
● The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time.
7. OnecanfileacomplaintbeforetheBankingOmbudsmanifthereplyisnotreceivedfromthebankwithinaperiodofonemonthafter
thebankconcernedhasreceivedone'scomplaint,orthebankrejectsthecomplaint,orifthecomplainantisnotsatisfiedwiththereplygivenby
the bank.
8. Maximumperiodwithinwhichcomplaintcanbefiledis1yearsfromthedateofreceivingthereplyfromthebank.Incasereplyisnot
received from the, complaint can be lodged within 13 months (one year and one month) from the date of making thecomplainttothe
bank.
9. Ombudsman will not entertain a complaint where:
· Case is pending in the court
· Case has already been decided by the court
· Similar case has already been decided by Ombudsman
10. On receipt of complaint views of bank called to promote settlementbyagreement.Ifnotsettledwithin1month,Ombudsmanshallannounce
award. Role of the Ombudsman is that of Arbitrator with mutual consent.
11. Maximum amount of award can be Rs. 20 lakhs. In addition to this, award up to Rs. 1 lakh for mental agony.
12. In case of credit card maximum claim is Rs. 1 lakh.
13.Thecomplaintshouldaccepttheawardwithin30daysofreceiptofthecopyoftheaward.Theawardshallnotbebindingonabankunlessthe
complainant gives acceptance within 30 days from the date of receipt of copy of award.
14. If complainant accepts the award, the bank should implement the award within 1 month of receipt of acceptance from the complainant and
intimate compliance to the Banking Ombudsman.
15. If Ombudsman rejects the complaint or award is not acceptable to the complainant, he can file an appeal totheAppellateauthority(Deputy
Governor, RBI) within 30 days of the date of receipt of communication regarding award or rejection of the complaint.
16.BankmayalsofileappealwithDeputyGovernor,RBIwithin30daysfromthedateonwhichthebankreceivesletterofacceptanceofAwardby
complainant.
17. In the case of bank, appeal may be filed by a bank only with the previous sanction of the CMD or ED or CEO of the bank.
18. If award is not implemented, report to customer service committee of the Board and make disclosure in balance sheet of the bank.
Capital Adequacy & BASEL Norms Capsule
asel Norms
B
What are Basel norms?
● Basel norms or Basel accords are theinternational banking regulations issued by the Basel Committee on Banking Supervision.
● The Basel norms is an effort to coordinate banking regulations across the globe, with the goal of strengthening the international banking
system.
● It is the set of the agreement by the Basel committee of Banking Supervision which focuses on the risks to banks and the
financial system.
What is the Basel committee on Banking Supervision?
● The Basel Committee on Banking Supervision (BCBS) is the primaryglobalstandardsetterfortheprudentialregulationofbanksand
provides a forum for regular cooperation on banking supervisory matters for the central banks of different countries.
● It was established by the CentralBankgovernorsoftheGroupofTencountriesin1974.Thecommitteeexpandeditsmembershipin2009
andthenagainin2014.TheBCBSnowhas45membersfrom28Jurisdictions,consistingofCentralBanksandauthoritieswithresponsibilityof
banking regulation.
● It provides a forum for regular cooperation on banking supervisory matters.
● Its objective is to enhance understanding of key supervisory issues andimprove the quality of banking supervision worldwide.
Why these norms?
● Bankslendtodifferenttypesofborrowersandeachcarriesitsownrisk.Theylendthedepositsofthepublicaswellasmoneyraisedfromthe
market i.e, equity and debt.
● This exposes the bank to a variety of risks of default and as a result they fall at times. Therefore, Banks have to keep aside a certain
percentage of capital as security against the risk of non – recovery.
● The Basel committee has produced norms called Basel Norms for Banking to tackle this risk.
Why the name Basel?
● Basel is acity in Switzerland.
● ItistheheadquartersoftheBureauofInternationalSettlement(BIS),whichfosterscooperationamongcentralbankswithacommongoalof
financial stability and common standards of banking regulations.
● It was founded in 1930.
● TheBasel Committee on Banking Supervision is housed in the BIS offices in Basel, Switzerland.
What are these norms?
The Basel Committee has issued three sets of regulations which are known as Basel-I, II, and III.
Basel-I
● It was introduced in 1988.
● Itfocused almost entirely on credit risk.
● Creditriskisthepossibilityofalossresultingfromaborrower'sfailuretorepayaloanormeetcontractualobligations.Traditionally,itrefers
to the risk that a lender may not receive the owed principal and interest. It defined capital and structure of risk weights for banks.
● The minimum capital requirement was fixed at 8% of risk weighted assets (RWA). RWA means assets with different risk profiles.
● For example, an asset backed by collateral would carry lesser risks as compared to personal loans, which have no collateral.
India adopted Basel-I guidelines in 1999. Basel-II
● In 2004, Basel II guidelines were published by BCBS.
● These were the refined and reformed versions of Basel I accord.
● The guidelines werebased on three parameters, which the committee calls it as pillars.
○ Capital Adequacy Requirements:Banks should maintain a minimum capital adequacy requirement of 8% of risk assets
○ S upervisory Review: According tothis,bankswereneededtodevelopandusebetterriskmanagementtechniquesinmonitoring
and managing all the three types of risks that a bank faces, viz. credit, market and operational risks.
○ MarketDiscipline:Thisneedsincreaseddisclosurerequirements.BanksneedtomandatorilydisclosetheirCAR,riskexposure,etc
to the central bank.
Basel II norms in India and overseas are yet to be fully implemented though India follows these norms.
Basel III
● In 2010,Basel IIIguidelines were released.
● These guidelines were introduced in response to the financial crisis of 2008.
● Aneedwasfelttofurtherstrengthenthesystemasbanksinthedevelopedeconomieswereunder-capitalized,over-leveragedandhada
greater reliance on short-term funding.
● It was also felt that the quantity and quality of capital under Basel II were deemed insufficient to contain any further risk.
Theguidelinesaimtopromoteamoreresilientbankingsystembyfocusingonfourvitalbankingparametersviz.capital,leverage,fundingand
liquidity.Capital:Thecapitaladequacyratioistobemaintainedat12.9%.TheminimumTier1capitalratioandtheminimumTier2capitalratio
have to be maintained at 10.5% and 2% of risk-weighted assets respectively.
In addition, banks have to maintain a capital conservation buffer of 2.5%.
Counter-cyclical bufferis also to be maintained at 0-2.5%.
● Leverage:The leverage rate has to be at least 3 %. The leverage rate is the ratio of a bank’s tier-1 capital to average total consolidated assets.
● Funding and Liquidity:Basel-III createdtwo liquidity ratios: LCR and NSFR.
■ The liquidity coverage ratio (LCR) will require banks to hold a buffer of high- quality liquid assets sufficient to deal with the cash
outflows encountered in an acute short term stress scenario as specified by supervisors.
● Thisistopreventsituationslike“BankRun”.Thegoalistoensurethatbankshaveenoughliquidityfora30-daysstressscenarioifit
were to happen.
■ TheNetStableFundsRate(NSFR)requiresbankstomaintainastablefundingprofileinrelationtotheiroff-balance-sheetassetsand
activities. NSFR requires banks to fund their activities with stable sources of finance (reliable over the one- year horizon).
● The minimum NSFR requirement is 100%. Therefore, LCR measures short- term (30 days) resilience, and NSFR measures
medium-term (1 year) resilience.
● ThedeadlinefortheimplementationofBasel-IIIwasMarch2019inIndia.ItwaspostponedtoMarch2020.Inlightofthecoronaviruspandemic,
theRBIdecided to defer theimplementation of Basel norms. Extending more time under Basel III means lower capital
○ burden on the banks in terms of provisioning requirements, including the NPAs.
○ This extension would impact the perception of Indian Banks and central banks in the eyes of the global players.
Bank run:
It occurs when a large number ofcustomersofabankorotherfinancialinstitutionwithdrawtheirdepositssimultaneouslyoverconcernsofthebank's
solvency. As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits.
Countercyclical capital buffer (CCCB)
FollowingBasel-IIInorms,centralbanksspecifycertaincapitaladequacynormsforbanksinacountry.TheCCCBisapartofsuchnormsandis
calculated as a fixed percentage of abank’s risk-weighted loan book.
○ The key respect in which theCCCBdiffersfromotherformsofcapitaladequacyisthatitworkstohelpabankcounteracttheeffectofa
downturn or distressed economic conditions.
○ WiththeCCCB,banksarerequiredtosetasideahigherportionoftheircapitalduringgoodtimeswhenloansaregrowingrapidly,sothat
the capital can be released and used during bad times, when there’s distress in the economy.
● AlthoughtheRBIhadproposedtheCCCBforIndianbanksin2015aspartofitsBasel-IIIrequirements,ithasn’tactuallyrequiredtheCCCBtobe
maintained, keeping the ratio at zero percent ever since.
● T hisisbasedontheRBI’sreviewofthecredit-GDPgap,thegrowthinGNPA,theindustryoutlookassessmentindex,interestcoverageratioand
other indicators, as part of the first monetary policy of every financial year.
Tier 1 Capital vs. Tier 2 Capital
● Banks havetwo main silosof capital that are qualitatively different from one another.
○ Tier 1:It refers to a bank's core capital, equity, and the disclosed reserves that appear on the bank's financial statements.
Intheeventthatabankexperiencessignificantlosses,Tier1capitalprovidesacushionthatallowsittoweatherstressandmaintain
a continuity of operations.
○ Tier 2:Itreferstoabank'ssupplementarycapital,suchasundisclosedreservesandunsecuredsubordinateddebtinstrumentsthatmust
have an original maturity of at least five years.
● Tier 2 capital is considered less reliable than Tier 1 capital because it is more difficult to accurately calculate and more difficult to liquidate.
Capital Adequacy Ratio (CAR)
CapitalAdequacyRatio(CAR)istheratioofabank’scapitaltoitsrisk.ItisalsoknownastheCapitaltoRisk(Weighted)AssetsRatio(CRAR).Inother
words, it is the ratio of a bank’s capital to its risk- weighted assets and current liabilities. This ratio is utilized to secure depositors and boost the
efficiency and stability of financial systems all over the world.
Capital Adequacy Ratio Formula:
TheCARortheCRARiscomputedbydividingthecapitalofthebankwithaggregatedrisk-weightedassetsforcreditrisk,operationalrisk,andmarket
risk.
This is calculated by summing a bank’s tier 1 capital and tier 2 capitals and dividing the total by its total risk-weighted assets. That is:
Tier 1 CAR = (Eligible Tier 1 capital funds) = (Market Risk RWA + Credit Risk RWA + Operational Risk RWA)
Total CAR = (Eligible Total capital funds) ÷ (Credit Risk RWA + Market Risk RWA + Operational Risk RWA)
Capital Adequacy Ratio CAR = (Tier 1 capital + Tier 2 capital)/risk weighted assets
Note that two types of capitals are measured here.
Tier1capital:Thiscanabsorbthelosseswithoutabankbeingrequiredtostoptrading.Alsocalledcorecapital,thisconsistsofordinarysharecapital,
equitycapital,auditedrevenuereserves,andintangibleassets.Thisispermanentlyavailablecapitalandreadilyavailabletoabsorblossesincurredby
a bank without it having to cease operations.
Tier 2 capital: This can absorb losses if the bank is winding-up and so gives depositors a lesser measureofprotection.Thisconsistsofunaudited
reserves, unauditedretainedearnings,andgenerallossreserves.Thiscapitalcushionslossesifthebankiswindingupandisusedtoabsorblosses
after a bank loses all its tier 1 capital.
Risk-weighted assets:Theseassetsareusedtofixtheleastamountofcapitalthatshouldbepossessedbybankstolowertheinsolvencyrisk.The
capital requirement for all types of bank assets depends on the risk assessment.
Why is Capital Adequacy Ratio important?
The CAR is decided by central banks and bank regulators to prevent commercial banks from takingexcessleverageandbecominginsolventinthe
process.TheCARisimportanttoensurethatbankshaveenoughroomtotakeareasonableamountoflossesbeforetheybecomeinsolventand,asa
result, lose depositors’ funds.
In general terms, a bank with a high CRAR/CAR is deemed safe/healthy and likely to fulfill its financial obligations.
henabankiswinding-up,depositors’fundsareaccordedagreaterprioritythanthebank’scapital,sodepositorswilllosetheirsavingsonlyifabank
W
has a loss higher than the capital it has. So, the higher the CAR, the greater is the protection for depositors’ funds with the bank.
The CAR helps keep an economy’s financial system stable by ensuring that the risk of banks going insolvent is low.
What is the current Capital Adequacy Ratio in India?
Currently,theminimumratioofcapitaltorisk-weightedassetsis8%underBaselIIand10.5%underBaselIII.InIndia,theReserveBankofIndia(RBI)
mandates the CAR for scheduled commercial banks to be 9%, and for public sector banks, the CAR to be maintained is 12%.
Summary of CGTMSE Scheme Circular (Exam Point of View)
Aspect Details
Full Form Credit Guarantee Fund Trust for Micro and Small Enterprises
Objective To facilitate credit flow to the Micro and Small Enterprises (MSE) sector without the need for collateral/third-party guarantees.
Launched by Government of India and SIDBI (Small Industries Development Bank of India)
Year of Launch 2000
Eligible Borrowers New and existing Micro and Small Enterprises engaged in manufacturing or service activities, excluding retail trade, educational
institutions, agriculture, self-help groups (SHGs), training institutions, etc.
Eligible Lenders Scheduled Commercial Banks, Regional Rural Banks, NSIC, NEFDi, SIDBI, and select financial institutions.
Coverage Amount Up to INR 5 crore per borrowing unit.
Guarantee Coverage - Micro Enterprises: Up to 85% of the sanctioned amount for credit up to INR 5 lakh. - Women entrepreneurs, units in North East
Region (including Sikkim): 80% for credit up to INR 50 lakh. - Other cases: 75% of the sanctioned amount. - Enhanced focus on
women entrepreneurs and units in the North East Region. - Increased coverage amount to INR 5 crore.
Tenure of Guarantee Guarantee cover is available for a maximum period of 5 years or the agreed tenure of term loan, whichever is less.
Fee Structure - One-time Guarantee Fee: 1.5% of the credit facility sanctioned (0.75% for credits up to INR 5 lakh for micro enterprises). - Annual
Service Fee: 0.75% of the credit facility sanctioned.
Loan Account Coverage All standard accounts (not SMA) as per RBI guidelines. The business activity of the borrower must not have ceased. The credit
facility should not be used for adjusting bad debts without prior consent from the Trust.
Annual Guarantee Fee Payment Annual guarantee fee must be paid within 30 days from the date of first disbursement.
Governing Act CGTMSE operates under the Indian Trusts Act, 1882.
Sector Covered Manufacturing and service sectors, excluding retail trade, educational institutions, agriculture, self-help groups (SHGs), training
institutions, etc.
Facilities Not Covered Credit facilities covered under other guarantee schemes, loans up to ₹10 Lakh covered under MUDRA, facilities inconsistent with
laws/directives, and credit to borrowers with other guaranteed debts.
Recovery Procedure Responsibility rests with the lending institution. They must provide details of recovery efforts and realizations. Any amount
recovered post claim settlement must be remitted to CGTMSE. The institution must also submit a certificate from their Statutory
Auditors regarding remittance of recoveries.
Claim Settlement MLI (Member Lending Institution) authorized official should be Assistant General Manager (AGM) or equivalent.
Key Benefits - No collateral required, reducing risk for borrowers. - Encourages banks to lend more to MSEs. - Simplified access to credit for
small enterprises.
Impact Increased credit flow to MSE sector, fostering growth and employment in the sector.
Latest Changes - Coverage amount increased to INR 5 crore. - Revised fee structure for improved accessibility. - Enhanced focus on women
entrepreneurs and units in the North East Region.
Summary of PMEGP Scheme Circular (Exam Point of View)
Section Point Details
Objective
Purpose To generate employment opportunities through setting up of micro enterprises in rural and urban areas.
Implementing Khadi and Village Industries Commission (KVIC), Khadi and Village Industries Boards (KVIBs), District Industries Centers (DICs) and Coir
Agencies (IA) Board for coir-based units.
Eligibility
Applicants Individuals above 18 years, Self Help Groups, Institutions registered under Societies Registration Act, 1860; Production Co-operative
Societies, and Charitable Trusts.
Education At least VIII standard pass for projects costing above ₹10 lakhs (manufacturing) and ₹5 lakhs (service).
Income no income ceiling
Aadhar Applicant’s Aadhar number is mandatory.
Requirement
Financial Assistance
Margin Money 25-35% for special category (SC/ST/OBC/Minorities/Women, etc.); 15-25% for general category.
Subsidy
Beneficiary General: 10% of project cost; Special Categories: 5% of project cost.
Contribution
Project Cost Manufacturing: Up to ₹50 lakhs; Service: Up to ₹20 lakhs.
Limit
Collateral-Free Collateral-free loans up to ₹10 lakhs for MSE sector.
Loans
Bank Loan 90-95% of project cost (remaining cost covered by margin money and beneficiary contribution).
Loan Second financial assistance of up to ₹1 crore for expansion/upgradation of well-performing units with a subsidy of 15% (20% for NER and
Upgradation hilly areas).
Training Requirements
EDP Training Mandatory for all beneficiaries; 5 days for project cost up to ₹5 lakhs (offline) and 10 days for project cost above ₹5 lakhs (offline); 30
hours for project cost up to ₹5 lakhs (online) and 60 hours for project cost above ₹5 lakhs (online).
Optional For projects up to ₹2 lakhs, EDP training is optional.
Training
Batch Size Offline/Virtual: Min 10, Max 50 beneficiaries; No batch size for online training.
Additional Conditions
Projects without Not eligible for subsidy.
Capital
Expenditure
Land Cost Not included in the project cost for subsidy calculation.
Trading Permitted in NER, LWE-affected districts, and A&N Islands.
Activities
Sign Board Mandatory for all units, standard format and bilingual.
Publicity & Awareness
Awareness Organized by KVIC and other agencies for publicity and information dissemination.
Camps
Important Changes
Latest Change Changes in project cost limits, training requirements, inclusion of new categories, exemption for COVID-affected years, and expanded
coverage for animal husbandry-related industries.
Source Click to view
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