Category: Banking

Bank Guarantees (BGs) -Types & Use of Bank Guarantees

Bank Guarantee is an instrument issued by the Bank in which the Bank agrees to give guarantee against the non-performance of some action of a party. The amount of guarantee is called the ‘guarantee amount’. Usually, the Bank Guarantee is…

What is Commercial Bank? – Functions of Commercial Banks

Commercial Banks refer to both scheduled and non-scheduled commercial banks which are regulated under Banking Regulation Act, 1949. Bank Offices comprise of branches doing banking business (i.e. accepting deposit and/or offering credit to their customers) and administrative offices. 1. Scheduled…

Banking Ombudsman Scheme-About Banking Ombudsman Scheme in India

About Banking Ombudsman Scheme 2006 The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of…

What is Para Banking?

Banks can undertake certain eligible financial services or activities either departmentally or by setting up subsidiaries is called Para Banking. We could also define Para banking activities as the activities which are done by a Bank apart from its normal…