Category: Banking

What is Multicity Cheque?

Cheque : A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. It is an unconditional order in writing ,drawn by a customer on his bank, requesting the…

What is National Electronic Funds Transfer (NEFT)?

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any…

Functions of Regional Rural Bank

Rural banking in India came into existence since the establishment of banking sector in India. Rural Banks in those days mainly focused upon the agro sector. Banking Regulation Act, 1949 brought cooperative Banks and Regional Rural Banks under the Reserve…

Functions of RBI

Reserve Bank of India (RBI) is the Indian central bank. It was established in 1 April 1935 and, it was nationalized in 1949. The Central Board of Directors is the main committee of the central bank. Presently, this Board consists…

Functions of Bank

A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. Functions of banks can be classified into three parts 1. Primary Functions: Banks perform…

Types of Bank Accounts in India

Different types of bank accounts in India are as follows: Saving account: Saving account is used by general public ; there are restrictions  imposed by the bank on the amount to be withdrawn by the depositor. To withdraw more money…

Types of Cheques in India

A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand. It is an unconditional order in writing ,drawn by a customer on his bank, requesting the specifying bank…

The Banking Laws (Amendment) Bill 2012

The Banking Laws (Amendment) Bill, 2012, has been cleared by both houses of Parliament. The bill will become law once President Pranab Mukherjee signs it.  Some Features of the Bill are as Follows– The new regulation increases the shareholders’ voting…