Journal of Radix International Educational and Research Consortium 1 P a g e
|
|
- Belinda Spencer
- 8 years ago
- Views:
Transcription
1 A Journal of Radix International Educational and Research Consortium RIJEBM RADIX INTERNATIONAL JOURNAL OF ECONOMICS & BUSINESS MANAGEMENT FINANCIAL SERVICES OF UIBS: AN ALTERNATIVE MEANS FOR FINANCIAL INCLUSION IN MANIPUR DR. KSHETRIMAYUM RANJAN SINGH Faculty of Accounting and Management Department of Computer Science Manipur University, Imphal, India. ABSTRACT Financial inclusion is inclusion of those excluded from the payments system or from formal credit markets. Even after more than forty years of nationalization of banks in India, more than 40 per cent of the adult population in India has no access to formal banking and financial services. Credit and financial needs of the people of the state cannot be fulfilled only by the services of financial institutions in the organized financial sector. The role being played by unorganized financial sector in achieving financial inclusion in the state can not be overlooked. UIBs work as a supplementary to the banks in Manipur. In Imphal West and East districts 61 UIBs have registered and operating along with 43 commercial bank branches. Nature of services provided by UIBs are quite different from the banks operating in the state as they have daily collection, weekly collection and monthly collection loans along with service loan for government employees, gold mortgage loan, pension loan for the pensioners, etc. The present paper Financial Services of UIBs: An Alternative Means for Financial Inclusion in Manipur will be dealing mainly on defining UIBs, their registration and regulation, financial services provided by them, financial inclusion through UIBs, findings and suggestions. Key Words: Financial Inclusion, Unincorporated Bodies engaged in financial activities(uibs), Financial Services, Informal Financial Sector. 1 P a g e
2 INTRODUCTION In the present monetized economy, people need financial services either from organized or unorganized sector. Credit and financial needs of the people of the state can not be fulfilled only by the services of financial institutions in the organized financial sector. The role being played by unorganized financial sector in achieving financial inclusion in the state can not be overlooked. Indian Financial System consists both these sectors/systems, i.e., formal (organized) financial system and the informal (unorganized) financial system. The formal financial system comes under the purview of the Ministry of Finance (MoF), the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and other regulatory bodies. The informal financial system consists of: 1. Individual money lenders such as neighbours, relatives, landlords, traders, and storeowners. 2. Groups of persons operating as funds or associations. These groups function under a system of their own rules and use names such as fixed fund, association, and saving club. 3. Partnership firms consisting of local brokers, pawnbrokers, and non-banking financial intermediaries such as finance, investment, and chit-fund companies. Though our country, India, is proud of having a strong banking network consisting of Scheduled commercial banks public sector banks - State Bank group, Nationalized banks; private sector banks - old private banks, new private banks; Foreign banks, Regional rural banks, Non-scheduled commercial banks and Cooperative banks along with a number of term lending national and state level financial institutions and investment institutions, still a larger population remained excluded from basic banking and credit facilities. This gap is being filled by the credit purveyors in the informal (unorganized) financial system. In the state of Manipur, unincorporated bodies engaged in financial services (registered moneylenders) are taking an important role in order to fill the credit gap as well as in the socio-economic development of the state. It is an agreed fact that UIBs have been contributing to the efforts to make financial inclusion a dream come true. DEFINING UNINCORPORATED BODIES (UIBs) According to Reserve Bank of India Act, 1934 UIBs are individuals, firms or associations of individuals which are not incorporated/registered under Companies Act, 1956 whose business either wholly or partly includes any of the activities of financing, or acquisition of securities, letting or delivering of goods under hirepurchase agreement, managing, conducting or supervising, as foreman of chits or kuries or whose principal business is that of receiving deposits or lending in any manner. The UIBs are partnership concerns whose paid up capital is less than Rs.1 lakh. Major source of their funds is fixed deposits from the public. Such UIBs are spread throughout the length and breadth of the country and their number is reported to be very large. They carry the name like Finance and Investments or Finance Corporation or Pvt. Ltd. or & Co. and thus gives a picture of an incorporated body in the minds of the innocent depositors. Though these institutions were in 2 P a g e
3 existence since 1960s, they made rapid progress after The Banking Commission (1972) and all the subsequent committees have noticed that these institutions are heavily concentrated in states like Gujarat and Karnataka. These UIBs are registered with Registrar of Societies. In 1997 when the NBFIs started collapsing after the CRB fiasco, these UIBs also tumbled down. Most of these institutions were of the nature of fly-by-night operators. 1 The Unincorporated Bodies (UIBs) dealing with financial services which are also termed as Petty Finance Corporations 2 play a significant role in the economic development of our country by meeting the credit requirement of millions of people at the door steps on demand without insisting on procedural formalities unlike commercial banks, regional rural banks and co-operative banks. They are accessible at any time without any formalities according to the convenience of the needy of credit. There is a financial sector outside the banking sector generally known as the Non-Banking Financial Companies (NBFCs). NBFCs are the financial institutions that provide banking services, but do not hold banking licenses. Those Bodies that are not registered under the Companies Act are referred as the Unincorporated Bodies (UIBs). 3 Since these Bodies have greater flexibility in their operations, they are able to reach small investors in attracting their surplus funds by way of public deposits and offering various incentives and better returns to them. Moreover, the constrains faced by the formal financial system in reaching rural /poor households and small business in a flexible and hassle free manner led almost as a natural consequence to emergence of various types of these bodies, which range from fairly size NBFCs to much smaller Unincorporated Bodies. The UIBs have now become an important component of our financial sector. The easy procedure in their credit facilities and their offer of attractive rates of interest on public deposit enables their sharp growth over the years. The mushroom growth of these Bodies in the last decade brought about some unsavoury elements to the sector and fly by night operators started betraying the confidence of the depositors that had placed on them. REGISTRATION OF UIBs: After a series of collapse of UIBs and loss of deposits by the public, the Reserve Bank of India Act was amended in Section 45 S of the RBI Act 1934, relating to the acceptance of deposits by UIBs was amended. The amended provisions have come into effect from April 1, Thus, RBI, by prohibiting UIBs from accepting deposits from general public except from relatives has reduced their status to the money lender. Money lenders in India come under control of the Money Lenders Act, promulgated by each of the different states. The Act essentially sets out the appointment of a Registrar-General of Money-Lenders who maintains a Register of Money-lenders in their jurisdiction. The Registrar provides for a license to money lenders to 1 Krishna, Impact of Non-Banking Financial Intermediaries on Commercial Banks, Mangalore University, Unpublished Ph.D. Thesis, Ibid 3 Note for Seminar on Regulation for NBFCs and UIBs, State Guest House, Imphal, Manipur, 16 th Nov., P a g e
4 carry out their business, regulates the terms and conditions under which a loan is provided to borrowers, and arbitrates in disputes between money-lenders and borrowers in cases of default or other aspects. Compliance with the Act is rare however, and majority of the money-lenders do not obtain such a license to operate. 4 To regulate and control the mushroom growth of UIBs (Money lenders), Finance Department, Government of Manipur had introduced an Act under section 3 of the Bombay Money Lenders Act, 1946 as it being extended to Manipur. The State Government had appointed the Registrar of Co-operative Societies, Manipur, Additional Registrar of Co-operative Societies, Manipur and Assistant Registrar of Co-operative Societies (G&B), Manipur as Registrar General of Money Lenders, Registrar of Money Lenders and Assistant Registrar of Money Lenders respectively. With the registration requirement under this Act, all the UIBs of the state must have to act as money lenders providing money lending or credit lending on various schemes with the interest rate ceiling of 3 per cent per month without accepting deposit from the public. A large range of people including government employees, businessmen, small vegetable vendors and security personnel are directly or indirectly benefitting from their financial services. At present there are 61 such registered UIBs which are treated as money lenders under Bombay Money Lenders Act, 1946 in Manipur. Of these registered UIBs 17 of them were registered in 2005, 16 were in 2006, 9 of them were registered during the year 2007, 8 of them were registered during 2008 and 11 were registered during 2009 and there is no more registration till now. SERVICES OF UIBs IN MANIPUR At the early stages of the establishment and development of these UIBs, they used to provide various services of varied nature. Some of them can be listed as follows (a) Stop payment lottery in which the member who wins stop to pay further contribution (b) Hire-Purchase System and (c) Installment System. The most popular service of those days was the Stop Payment System which provides the members to win various items and assets of their choice. During 1991 to 1993, when there was a stage of mushroom growth of UIBs, they have even started taking deposits from the general public through (a) Savings Deposit, (b) Term/Fixed Deposit, and (c) Recurring Deposit. This was the stage when these UIBs started providing services of various financial institutions under one roof. But with the intervention of state government under the guidance of Reserve Bank, their functions have been restricted to a great extent and become very narrow and streamlined up to some extent. At present, these UIBs provide very few services which are of money lending nature. They are being discussed below: 4 A Typology of Informal Credit Suppliers: Money Lenders, 4 P a g e
5 I. Business Loan: This particular type of service of lending nature is known by different names by different UIBs like Daily collection, Weekly collection, Monthly collection, short-term loan, etc. As the name itself suggests, this business loan is given particularly to a wide range of business persons in the areas covered by their operation. These loans are given mainly to shopkeepers, vegetable vendors of Khwairamband Ima Keithels, workshops, other small retail shops and business persons. The amount of loan given under this type of loan is at the range of Rs. 2,000 Rs. 50,000. The rate of interest charged by the UIBs in such loans is 3 per cent per month. The period of maturity of these loans also differs from UIB to UIB, but most of them are at the range of 1-6 months. This amount of loan is collected daily, weekly, monthly, etc. in installment system and at the end of the period, the UIBs can collect the whole amount of loan including the principal amount and interest on it. II. Service Loan: It is also one of the most important and popular type of financial services provided by these UIBs. This type of loan is given only to the government employees. The amount of the loan is collected with interest every month at the time of receipt of salary by the employees from the Cashier or Drawing and Dispersing Officer (DDO) of the concerned department where the loanee is working. At present as the salaries are being paid in the bank accounts, the pass books of the loanees are kept in the custody of UIBs. The rate of interest charged on this type of loan is 3 per cent per month. This type of loan is given mostly for longer period and the maturity period is 1-20 months. In most of the UIBs, the loan amount given to service loan is much greater than that of Business loan. The amount of loan of the service loan ranges from Rs. 10,000 to Rs. 1, 00,000. These service loans are provided to the government employees for their various purposes. III. Pension Loan: Pension loan is a type of loan provided by these UIBs particularly to the pensioners of government employees. In this type of loan, the pensioners have to surrender their pension passbooks for a certain period till the maturity of the period of the loan. The UIBs will collect the amount of pension monthly in the place of pensioners. After collecting the whole amount of the loan with the interest, the pension passbook will be handed over to the pensioners. The rate of interest charged by the UIBs on pension loan is 3 per cent per month as that of other types of loan. The period of maturity of this type of loan is 1-20 months. IV. Gold Mortgage: Gold Mortgage is another way of lending money by UIBs to its customers. Whenever any person wants to seek financial assistance from such financial institutions, they can keep their gold ornaments with the UIBs and can get financial assistance up to the amount allowed by the UIB in accordance with the value of the Gold ornament. The rate of interest charged for this is 3 percent per month. Whenever the loanee does not repay back the loan amount with interest, the UIB will sell out the gold ornament and recover their amount 5 P a g e
6 of loan. In case, they return the loan amount with interest in time, the gold ornament kept with the UIB will be returned back to the loanee. UIBs and Financial Inclusion: Financial inclusion is inclusion of those excluded from the payments system or from formal credit markets. Even after more than forty years of nationalization of banks in India, more than 40 per cent of the adult population in India has no access to formal banking and financial services. This exclusion could be on the grounds that the individual has either no savings/assets and hence no savings/current account in the bank. Besides, he also may not have access to any financial advice and perceives the cost of the financial services as not affordable. Financial inclusion is to be undertaken in three steps (i) providing access to financial products and services; (ii) availability of financial products and services in a fair and equitable manner; and (iii) credit counseling which includes providing sound services to arrest deterioration of incomes, restructuring of debt solution to overcome debt burden and improve money management skills. In order to bring financial inclusion in India, Reserve Bank of India has asked the banks to (i) open No frills accounts through simplified know your customer (KYC) procedures and also to offer a small overdraft/general Credit Card not exceeding Rs. 25,000 to their customers. For self-help groups, a line of credit could be considered; (ii) provide other financial products like life/asset/health care insurance and mutual fund products; (iii) open accounts in villages/wards allocated to them; and (iv) provide financial counseling services and introduce a specific credit guarantee scheme under the DICGC Act for farmers. Even these efforts, still the way to successful financial inclusion is very far. Along with the efforts from the organized sector of the financial system, there is also need for equal effort and contribution from the players in the unorganized sector of the Indian Financial System. Unincorporated bodies engaged in financial services in the state are also providing financial services and credit facilities to various customers from various backgrounds. Many of the customers of these UIBs are excluded customers of the formal banking system in the state. They are unable to access to the banking services in the state due to various reasons. Many of them are women vegetable vendors and unemployed poor trying to provide themselves self employment. They have denied by the banking services of the state. Due to lack of number of bank branches in the state, there is high density of customers in these banks and many State Bank branches are found to be overcrowded and there are long queue in front of the banks and ATM booths in the state. In such situation initiative of banks to make financial inclusion successful in the state is not found to be quite positive. There are 61 UIBs (registered money lenders) in the state operating mainly in different parts of Imphal east and west districts of the state. These UIBs are having customers at an average which are enjoying credit facilities. It clearly shows the role of UIBs to make financial inclusion a dream come true in the state. Their contribution in this effort can not be ignored at all and recognition should be given to them on their credit. 6 P a g e
7 REGULATORY INITIATIVE OF STATE GOVERNMENT AND RBI The UIBs (registered Money lenders) in India come under the control of the Money Lenders Act, promulgated by each of the different states. In Manipur also these UIBs are compelled to register under Bombay Money Lenders Act, 1946 as extended to Manipur. At the time of issue of license to UIBs to work as money lender under Bombay Money Lenders Act, 1946, the State Government of Manipur put the following terms and conditions to UIBs through the Registrar of Money Lenders, Manipur: 1. This license shall be exhibited in prominent place on the premises where the business of money lending is carried on. 2. A signboard showing Name in which the business of money lending is carried on and The license number and date of registration shall also be exhibited. 3. The Cash Book, Ledger and Statement of Receipt and Expenditure shall be either in Form No. 4 and 7 or No. 5, 6, 7, 8, 9 and 10 respectively. 4. A Capital Account in Form No. 11 shall be opened. 5. The Statement of Account shall be furnished within 30 (thirty) days after closing the year for which the account of the money lending are ordinarily maintained. 6. Change of principal place of business shall be intimated within 7 (seven) days. 7. The rate of interest shall be 3 per cent per month. Under the guidance of Reserve Bank, state government has formed a specially dedicated police unit under the name Economic Offence Wing headed by an officer not less than the rank of a Police Commissioner so as to effectively investigate/deal with the cases relating to non-banking financial companies and unincorporated financial institutions which collected money on deposits and thereafter defaulted to repay the same on maturity. Following the steps taken up by the Tamil Nadu government in order to protect the interest of depositors in financial establishments under the law The Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, the state Finance Department has prepared The Manipur Protection of Interest of Depositors (in Financial Establishment) Bill and since it falls under the Concurrent List of Indian Constitution, it has been sent to Government of India for its prior approval in 2005 but still awaiting its approval. With the amendment of RBI Act in 1997, the Section 45 S of the RBI Act, 1934, relating to the acceptance of deposits by UIBs was amended and it came into effect from April 1, Thus, RBI, UIBs are prohibited from accepting deposits from the public except from relatives given under it. The UIBs which accept deposits in violation of the provisions of Chapter III C of the RBI Act are liable to prosecution under the provisions of the Act. The state governments are being empowered concurrently to prosecute the offenders. The time limit for repayment of public deposits, except from those permitted sources (relatives) by the RBI Act, 1934, held 7 P a g e
8 by all UIBs engaged in financial business expired on March 31, Accordingly, RBI cautioned UIBs engaged in the financial business to neither accept nor issue advertisements soliciting deposits. Concomitantly, members of the public were also cautioned about the risk of depositing money with such UIBs. Besides the above initiatives, the Reserve Bank has conducted a number of seminars and awareness programmes in collaboration with the state finance department (institutional finance). Advertisement has also been put in the local newspapers cautioning the public from keeping deposits with the UIBs. GENERAL FINDINGS/OBSERVATIONS UIBs work as a supplementary to the banks in Manipur. In Imphal West and East districts 61 UIBs have registered and operating along with 43 commercial bank branches. Nature of services provided by UIBs are quite different from the banks operating in the state as they have daily collection, weekly collection and monthly collection loans along with service loan for government employees, gold mortgage loan, pension loan for the pensioners, etc. Besides the credit facilities these UIBs are providing directly and indirectly employment opportunities to educated unemployed youths in the state. Contribution from promoters, employees contribution in the form of security deposits and winning amount of ROSCAs (Marup and Tender in local term) conducted by the UIBs are important sources of fund. UIBs are investing capital at the range of 10 to 50 lakh rupees and some of them have the investment in terms of crores. Some of the bankers felt that due to many reasons like easy accessibility, simpler documentation and procedure, absence of collateral securities and guarantor, etc. UIBs attract more customers to borrow. Most of the beneficiaries of UIBs are government employees, businessmen and unemployed persons. A large number of beneficiaries of UIBs are in association with them for a period of 1-5 years and very few of them are in association with UIBs for a period of more than 10 years. Most of the customers of the UIBs are excluded poor from the formal banking system in the state. Most of the UIBs are having customers at the range of Their role in financial inclusion is inevitable. SUGGESTIONS The following few suggestions are being recommended to enhance the pace of financial inclusion through the activities and initiatives of UIBs in the state and for the growth of UIBs in the state. 1. Financial assistance should be provided to the UIBs by the financial institutions like SIDBI and NABARD and nationalized banks operating in the state similar to the financial assistance provided to Microfinance institutes. 8 P a g e
9 2. State government should also be supportive to UIBs by making certain regulations to safeguard UIBs interest and their depositors interest equally. 3. UIBs should also be encouraged to merge themselves so that they can work competitively with nationalized, cooperative and rural banks and with sound financial strength and widely spread network of branches in the state. 4. These UIBs should also be compelled to get registered themselves under Companies Act and to come under the supervision and control of RBI as a Non-Banking Financial Company so that more financial discipline can be developed in themselves. 5. Training and awareness programmes should also be arranged for the staffs of UIBs and their customers so that mutual growth and benefit can be achieved. 6. Due to the financial assistance given to microfinance institutions in the state, many UIBs are intended to convert themselves into microfinance institutes. CONCLUSION It cannot be ignored that UIBs are playing an important role in the financial inclusion and socio-economic development of the state in particular and the whole country in general. Along with the measures to regulate UIBs and to protect the interest of public depositors, certain measures should also be taken by the RBI and the state governments in order to develop these UIBs. REFERENCES 1. Bharati, V. Pathak. (2008), The Indian Financial System: Markets, Institutions and Services, Second Edition, Pearson Education, New Delhi, p Chakraborty, K. C. (2006), Financial Inclusion: Reaching the Unreached; Chartered Financial Analyst, November 2006, p ICM, A Typology of Informal Credit Suppliers: Money lenders, 4. Krishna (2006), Impact of Non-Banking Financial Intermediaries on Commercial Banks, Mangalore University, Unpublished Ph.D. Thesis. 5. Ram Mohan, T.T. (2006), Inclusion: A business imperative; The Economic Times, November 30, 2006, p Seminar s Handout on Regulation for NBFCs and UIBs organized by State Finance Department (Institutional Finance) and RBI, Guwahati at State Guest House, Imphal, Manipur, 16 th November P a g e
BANKING QUESTION AND ANSWERS- PART-1
BANKING QUESTION AND ANSWERS- PART-1 1. Which of the following statements is true? (1) Banks cannot accept demand and time deposits from public (2) Banks can accept only demand deposits from public (3)
More informationLoan approval procedure and rejection criteria-a conceptual study in PMC bank
Loan approval procedure and rejection criteria-a conceptual study in PMC bank Rekha MFA II year, Jyoti Nivas College Autonomous PG Centre, Bangalore, India B.Percy Bose Associate Professor and Head Department
More informationMicro, Small and Medium Enterprises Financing in India - Issues and Concerns
Micro, Small and Medium Enterprises Financing in India - Issues and Concerns Dr. C.S. Prasad* Micro, Small and Medium enterprises (MSME) constitute the dominant form of business organisation worldwide.
More informationAre Banks and MFIs Natural Partners in Financial Inclusion A Report by Microsave
30 th May 2012 Volume 2: Issue 17 Fortnightly Microfinance Newsletter by Darashaw & Co. Pvt. Ltd. Are Banks and MFIs Natural Partners in Financial Inclusion A Report by Microsave In this Issue! Microsave,
More informationCompanies (Acceptance of Deposits) Rules, 1975
Companies (Acceptance of Deposits) Rules, 1975 In exercise of the powers conferred by section 58A, read with section 642 of the Companies Act, 1956(1 of 1956), the Central Government, in consultation with
More informationCHAPTER IV. FUNCTIONING OF PFIs AND THEIR ROLE IN MANIPUR
CHAPTER IV FUNCTIONING OF PFIs AND THEIR ROLE IN MANIPUR 4.1 EVOLUTIONARY HISTORY OF PFIs (NBFCs) IN INDIA 4.2 A GENESIS OF PFIs IN MANIPUR 4.3 REGULATION OF PFIs 4.4 FUNCTIONS OF PFIS IN MANIPUR 4.5 ROLE
More informationBorrowers Perspective towards Gold Loan Protection Practices Followed By Banks and NBFCs
Borrowers Perspective towards Gold Loan Protection Practices Followed By Banks and NBFCs M.S. Sibi Research scholar Department of Business Administration, Annamalai University Tamil Nadu - India Abstract
More informationMuthoot finance ltd. (mfl) IPO note
Muthoot finance ltd. (mfl) IPO note Issue Details Issue Date April 18, 2011 April 21, 2011 Issue Size Rs. 8.24-9.01bn Price Band Rs. 160-175 FV Rs.10 Fresh issue 51.5 mn equity shares QIB 50% Non Institutional/HNIs
More informationSchemes for Financing Micro, Small and Medium Enterprises
Schemes for Financing Micro, Small and Medium Enterprises Background The Small Scale Industries Sector, redefined since 2006 as the Micro Small and Medium Enterprises Sector has played a seminal role in
More informationA STUDY ON THE PERFORMANCE ANALYSIS OF FACTORING SERVICES IN INDIA
A STUDY ON THE PERFORMANCE ANALYSIS OF FACTORING SERVICES IN INDIA Dr. K. N. KALAIVANI Dr. S. Gopalraju Government First Grade College, Anekal, Bangalore 562 106 E-Mail: drkalaivanikn9570@gmail.com ABSTRACT
More informationISSN: 2321-7782 (Online) Volume 4, Issue 1, January 2016 International Journal of Advance Research in Computer Science and Management Studies
ISSN: 2321-7782 (Online) Volume 4, Issue 1, January 2016 International Journal of Advance Research in Computer Science and Management Studies Research Article / Survey Paper / Case Study Available online
More informationSai Om Journal of Commerce & Management A Peer Reviewed International Journal A STUDY ON RELATIONSHIP BETWEEN MONEYLENDERS AND BORROWERS IN MANIPUR
Volume 1, Issue 10 (October, 2014) Online ISSN-2347-7571 Published by: Sai Om Publications Sai Om Journal of Commerce & Management A STUDY ON RELATIONSHIP BETWEEN MONEYLENDERS AND BORROWERS IN MANIPUR
More informationConsumer Credit Regulations in Malaysia: A Country Report
Consumer Credit Regulations in Malaysia: A Country Report Yap Kon Lim Consumers Affairs Division Ministry of Domestic Trade and Consumer Affairs Malaysia E-mail: ykl@kpdnhq.gov.my 1. Introduction 1.1 There
More informationFINISH LINE IN SIGHT BUT HURDLES REMAIN: A PERSPECTIVE ON THE DRAFT MICRO FINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL 2011
July 25, 2011 FINISH LINE IN SIGHT BUT HURDLES REMAIN: A PERSPECTIVE ON THE DRAFT MICRO FINANCE INSTITUTIONS (DEVELOPMENT AND REGULATION) BILL 2011 K. Sree Kumar CEO, Intellectual Capital Advisory Services
More informationTECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS
TECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS Micro-Credit Ratings International Limited, Gurgaon, India September 2005 The purpose of this technical note is to provide a practical understanding of
More information(iv) Bank may extend finance to a person who proposes to buy an old house where he is presently residing as a tenant.
Master Circular Housing Finance A. Purpose To consolidate framework of rules/regulations and clarification on Housing Finance issued by Reserve Bank of India from time to time. B. Classification A statutory
More informationModel Answer. M.Com IV Semester. Financial market and financial services. Paper code- AS 2384
Model Answer M.Com IV Semester Financial market and financial services Paper code- AS 2384 1. (I) Money Market is a market for short term loans or financial assets. As the name implies it does not deal
More informationUnsecured Business loans:
Unsecured Business loans: We provide up to 5 crores with following ADVANTAGES: NO GUARANTORS NO MORTGAGES NO COLLATERAL SECURITY FAST PROCESSING The Funds can be used for Business expansion, Working capital,
More informationLoan for property (Courtesy: Economic Times, apnaloan & apnapaisa, Accommodation times, i-save & others)
Loan for property (Courtesy: Economic Times, apnaloan & apnapaisa, Accommodation times, i-save & others) Frequently Asked Questions: Q. What are the steps involve in the process of loan & what fees it
More informationAn Overview of the Indian NBFC Sector Performance in 2010, prospects in 2011
An Overview of the Indian NBFC Sector Nidhi Bothra, ACS nidhi@vinodkothari.com & Kamil Sayeed, BA.LLB. kamil@vinodkothari.com Significance of NBFCs in India: According to the Economic Survey 2010-11, it
More informationMASTER CIRCULAR ON INTEREST RATES ON ADVANCES
MASTER CIRCULAR ON INTEREST RATES ON ADVANCES A. Purpose To consolidate the directives on interest rates on advances issued by Reserve Bank of India from time to time. B. Classification A statutory directive
More informationAxis Bank Ltd. Policy for lending to Micro and Small Enterprises (MSEs)
Axis Bank Ltd. Policy for lending to Micro and Small Enterprises (MSEs) Introduction: The Micro and Small Enterprise (MSE) sector contributes significantly to manufacturing output, employment and exports
More informationMUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY
MUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY Muthoot Vehicle & Asset Finance Ltd. (MVFL) is a Deposit taking Asset Finance Company licensed by the Reserve Bank of India for carrying out non banking
More informationRoles of Public and Private Banks and other Financial Institutions for Effective scaling up of the Insurance Products
Roles of Public and Private Banks and other Financial Institutions for Effective scaling up of the Insurance Products Introduction To achieve the ambitious average GDP growth of 9 per cent per annum target
More informationRating Criteria for Finance Companies
The broad analytical framework used by CRISIL to rate finance companies is the same as that used for banks and financial institutions. In addition, CRISIL also addresses certain issues that are specific
More informationLOANS. This Document would assist the reader in understanding the Requirements for Loans under Companies Act, 2013. CA.
LOANS This Document would assist the reader in understanding the Requirements for Loans under Companies Act, 2013 CA. Pramod Jain _ 31st August 2015 B. Com (H), FCA, FCS, FCMA, LL.B. DISA, MIMA CONTENTS
More informationThe interest factor depends on the perceived risk factor by the banks, past track, growth and profitability trends and the industry profile.
Business loans are offered to small and medium enterprises towards working capital, expansion, or modernization of existing business. It could be either secured or unsecured. The idea is that if there
More informationMicrofinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank
A CLKnet FORUM PRESENTATION BY ALTEMIUS MILLINGA Microfinance Expert, CEO of YOSEFO Finance Chairman of the Board of Directors of Mbinga Community Bank 11 th April, 2012 1 Tanzania s Financial Sector Landscape
More informationPublished by American Bankers Association in March/April 2012 issue of ABA Bank Compliance magazine
Are Highly Satisfied Customers Fairly Treated Customers? Yes No Maybe By Paul Lubin, Senior Director, Treliant Risk Advisors Published by American Bankers Association in March/April 2012 issue of ABA Bank
More informationNews Release January 28, 2016. Performance Review: Quarter ended December 31, 2015
News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current
More informationShort note on Micro Finance Institutions (MFI) bill -2011 A. Amarender Reddy
Short note on Micro Finance Institutions (MFI) bill -2011 A. Amarender Reddy Unregulated growth of microfinance institutions Microfinance industry is growing at faster rate in recent years with about 62%
More informationMUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY
1 MUTHOOT VEHICLE & ASSET FINANCE LTD. LOAN POLICY Muthoot Vehicle & Asset Finance Ltd. (MVFL) is a Deposit taking Asset Finance Company licensed by the Reserve Bank of India for carrying out non banking
More information8 Financial Services in India
8 Financial Services in India BASIC CONCEPTS 1. Introduction Financial Services has a broad definition and it can be defined as the products and services offered by institutions like banks of various kinds
More informationLawyers and Conveyancers Act (Trust Account) Regulations 2008
Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Rt Hon Dame Sian Elias, Administrator of the Government Order in Council At Wellington this 30th day of June 2008 Present: Her Excellency the
More informationA VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT
A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT Anthony J Cordato* Overview The new National Credit Act - officially, the National Consumer Credit Protection Act - will commence on I July 2010
More informationFinancing Skill Development: Status of Model Vocational Training Loan Scheme. Priyambda Tripathi 1. Abstract
Financing Skill Development: Status of Model Vocational Training Loan Scheme Priyambda Tripathi 1 Abstract This article aims to explore the ground realities of implementation of the Vocational Training
More informationA SWOT Analysis of financial Inclusion in context of India and its Banking sector
A SWOT Analysis of financial Inclusion in context of India and its Banking sector ABSTRACT Ms. Shalini Choithrani Assistant Professor, Department of Commerce, Dr. H.S Gour University, Sagar The Indian
More informationTrends in Private and Public Investments in Agricultural Marketing Infrastructure in India
Agricultural Economics Research Review Vol. 21 (Conference Number) 2008 pp 371-376 Trends in Private and Public Investments in Agricultural Marketing Infrastructure in India M.S. Jairath* National Institute
More informationAnnex 7 referred to in Chapter 7. Financial Services. Article 1 Scope of Application
Annex 7 referred to in Chapter 7 Financial Services Article 1 Scope of Application 1. This Annex provides for supplementary provisions to Chapter 7, including scope of application and definitions, and
More informationFAQs on Prime Minister Jan Dhan Yojana
FAQs on Prime Minister Jan Dhan Yojana Q. What is Financial Inclusion? Financial Inclusion is the process of ensuring access to mainstream financial services and timely and adequate credit to all excluded
More informationRegulation and Accounting Treatment of Future and Option in Indian Derivative Market
International Journal of Scientific and Research Publications, Volume 2, Issue 6, June 2012 1 Regulation and Accounting Treatment of Future and Option in Indian Derivative Market Matloob Ullah Khan, Dr.
More information(Comments provided below the respective points in blue font)
Comments & View Points of P Ravindra, Card based Electronic Payment Systems Risk and Compliance Professional & Consultant, Mumbai India; Former banker and Former Adjunct Faculty, IDRBT (Comments provided
More informationPolicy for serving and lending to Micro, small and medium enterprises of India
Policy for serving and lending to Micro, small and medium enterprises of India 1. Background Worldwide, the micro small and medium enterprises (MSMEs) have been accepted as the engine of economic growth
More informationBusiness Financing for Foreign Investors in India
Business Financing for Foreign Investors in India Kuala Lumpur-September 25, 2008 at 3.00 pm Address by Mr. Rakesh Shah, Chairman, EEPC India It is a privilege to be in the midst of this distinguished
More informationINDIAN FINANCIAL SYSTEM
INDIAN FINANCIAL SYSTEM A. K. Bhatia BLACK PRINTS N E W D E L H I Contents Preface 1. Towards Globalisation of India's Financial Sector Systemic Issues: Opportunities and Risks - Depth of the Indian Financial
More informationContents. Chapter 1 Introduction to Financial Services 3
Contents Preface V PART 1: Introduction Chapter 1 Introduction to Financial Services 3 1.1 Finance and Business 3 1.2 Financial Services 4 1.3 Characteristics of Financial Services 4 1.4 Distinctiveness
More informationThe Mortgage Code Second Edition: April 1998; Reprinted April 2001
Second Edition: April 1998; Reprinted April 2001 THE MORTGAGE CODE Council of Lenders 3 Savile Row London W1S 3PB Recorded Consumer Information Line Telephone: 020 7440 2255 Fax: 020 7434 3791 Website:
More informationFMB. Financing Agricultural Forum 2012. (March 28 th 30 th 2012) Kampala - Uganda
FMB Financing Agricultural Forum 2012 (March 28 th 30 th 2012) Kampala - Uganda Contents 1. About FMB 2. Evolution of FMB 3. Product Overview & Characteristics 4. Critical Success Factors 5. Challenges
More informationEnglish Translation of Finance Companies Control Law
English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless
More informationHong Kong is increasingly seen as a necessary operations
1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is
More informationDealing With Your Banker &
Dealing With Your Banker & Other Lenders Your financing The success or failure of your business will depend on whether or not you have enough capital to: buy the equipment and inventory you need; pay overhead
More informationIntroduction: Moreover, regulations and instructions are important sources issued by the CBJ in accordance with the Central Bank of Jordan Law.
Introduction: The Central Bank of Jordan (CBJ), established in the late 1950s, is the monitoring authority of foreign and Jordanian commercial banks and specialized credit institutions. The CBJ is an independent
More informationROLE OF S.E.B.I. AS A REGULATORY AUTHORITY
ROLE OF S.E.B.I. AS A REGULATORY AUTHORITY Dr. V. Neelaveni Academic consultant, School of Commerce & Management, Dravidian University, Kuppam, Andhra Pradesh, India E-mail: veni2mba@yahoo.co.in ABSTRACT
More information[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB- SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF HOME AFFAIRS.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB- SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF HOME AFFAIRS New Delhi, the 1 st April, 2010 Notification G.S.R. -- In exercise of the powers
More informationShadow banking: the challenges ahead
Shadow banking a cautionary tale told by Dick Fuld, Lehman s last CEO Shadow banking: the challenges ahead If it looks like a duck, quacks like a duck, and acts like a duck, then it is a duck. What about
More informationFINANCING SMALL AND MICRO ENTERPRISES IN AFRICA 2. THE CHARACTERISTICS OF MICROFINANCE ARRANGEMENTS IN AFRICA
FINANCING SMALL AND MICRO ENTERPRISES IN AFRICA 1. THE ISSUES There is the perception that the demand for finance by small enterprises far exceeds the supply, but recent research in 4 countries shows that
More informationBANK Of ZAMBIA NON-BANK FINANCIAL INSTITUTIONS SUPERVISION. Comments on the Draft Microfinance Regulations
BANK Of ZAMBIA NON-BANK FINANCIAL INSTITUTIONS SUPERVISION Comments on the Draft Microfinance Regulations Introduction: The draft microfinance regulations were circulated to all stakeholders and other
More informationNon-Banking Financial Companies forthcoming in The Oxford Companion to Economics in India, K. Basu, editor New Delhi: Oxford University Press
Non-Banking Financial Companies forthcoming in The Oxford Companion to Economics in India, K. Basu, editor New Delhi: Oxford University Press A Non-Banking Financial Company (NBFC) is a company incorporated
More informationT +1 (345) 949-0330 / F +1 (345) 945-1448 / E: The Banking Code. Contents
1107 T +1 (345) 949-0330 / F +1 (345) 945-1448 / E: The Banking Code Contents 1 Introduction 3 2 Our Key Commitments to you 3 3 Helping you to choose Products and Services which meet your Needs 4 4 Interest
More informationChapter -5 Appropriations and Re-Appropriation
5.1 Introductory Chapter -5 Appropriations and Re-Appropriation 5.1.1 Appropriation or re-appropriation represents the allotment of a particular sum of money to meet expenditure on a specified job as enunciated
More informationBeginner s Guide to the Capital Markets. Financial Education. An overview of capital market. Products available in capital market
Beginner s Guide to the Capital Markets Financial Education An overview of capital market Products available in capital market Securities and Exchange Board of India An Introduction Securities and Exchange
More informationLA R.S. 22:3051-3065 [Added by Acts 1997, No. 1475, 2, eff. July 15, 1997]
LA R.S. 22:3051-3065 [Added by Acts 1997, No. 1475, 2, eff. July 15, 1997] LOUISIANA REVISED STATUTES TITLE 22. INSURANCE CHAPTER 6. FINANCIAL INSTITUTION SALES 3051. Short title 3052. Purpose This Chapter
More informationFINANCIAL ANALYSIS: A STUDY OF J & K BANK LIMITED
FINANCIAL ANALYSIS: A STUDY OF J & K BANK LIMITED Aijaz Ahmad Baba Lecturer Commerce, Govt. Hr. Sec. School, Unisoo, Kupwara, India Email: dam.aijaz@gmail.com ABSTRACT Financial statement information is
More informationLiquidation Procedures Guideline for Co-operative Financial Institutions
Liquidation Procedures Guideline for Co-operative Financial Institutions Foreword This document provides guidance to the Supervisor and regulated co-operative financial institutions (CFI) when they are
More informationIntroduction to Government Bond, Corporate Bond and Money Markets
Introduction to Government Bond, Corporate Bond and Money Markets Fixed income market in India can be categorized into five segments, Money Market, Government Bond Market, Corporate Bond Market, Interest
More informationA STUDY ON ASSET AND LIABILITY MANAGEMENT IN ICICI BANK
A STUDY ON ASSET AND LIABILITY MANAGEMENT IN ICICI BANK Salvin Surjith FP* N. Sathyanarayana** Abstract: Assets and Liabilities Management (ALM) is a dynamic process of planning, organizing, coordinating
More informationFINANCIAL SYSTEMS AND MARKETS
: 1 : Class : MBA Updated by : Dr. M.C. Garg Course Code : FM-404 Subject : Management of Financial Services LESSON-1 FINANCIAL SYSTEMS AND MARKETS STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Concept
More informationFull Service Offices Lending Offices
CALIFORNIA S BANK More than 90% of our loans are issued in California or to Californians. We loan out $1 for every $1 deposited, projected at over $5 billion for 2014. $5.5B Assets 1,000+ Small Business
More informationInvestment Business in Bermuda
Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements
More informationRabobank International. Code for Banking Practice
Rabobank International Code for Banking Practice 1 Contents Para Particulars No. Introduction 2 Code for Banking Practice 1 Observance 2 2 Prizes and Gifts 2 3 Association with Chit Funds/Speculative Ventures
More informationFARMER S ACCESS TO AGRICULTURAL CREDIT
FARMER S ACCESS TO AGRICULTURAL CREDIT I. INTRODUCTION Agriculture is a dominant sector of our economy and credit plays an important role in increasing agriculture production. Availability and access to
More informationEducational Loan Scheme
Educational Loan Scheme RPCD.PLNFS.BC.NO.83/06.12.05/2000-01 April 28, 2001 The Chairman/Managing Director All scheduled commercial banks Dear Sir Educational Loan Scheme The Finance Minister in a meeting
More informationHOW EQUITABLE ARE EQUITY-LINKED INSURANCE PRODUCTS? Abstract
HOW EQUITABLE ARE EQUITY-LINKED INSURANCE PRODUCTS? -Dr. S. Uma & C.S.Kumar Abstract Insurance markets around the world are changing. Policyholders want to enjoy the benefits of equity investment in conjunction
More informationNOTIFICATION. Chapter 1 Preliminary
GOVERNMENT OF MIZORAM FINANCE DEPARTMENT NOTIFICATION Dated Aizawl, the 29 th March, 2011 No.B.14015/31/2008-F.IF&SL- Whereas section 28 of the Mizoram Money Lenders and Accredited Loan Providers (Regulation)
More informationIGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents
Cash Flow Statements Government Accounting Standards Advisory Board Contents Description Page Number 1. Introduction 3 2. Objective 3 3. Scope 3 4. Benefits of Cash Flow Information 4 5. Definitions 4
More informationCP 10 IFSRA CONSUMER PROTECTION CODE. SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005. 1. Introduction
CP 10 IFSRA CONSUMER PROTECTION CODE SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005 1. Introduction One of the core priorities of FLAC s current strategic plan is to strengthen consumer protection
More informationCONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules
CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1
More informationThe Latest Amendments to Japan's Securities and Exchange Law
The Latest Amendments to Japan's Securities and Exchange Law Sadakazu Osaki On 23 May 2003 the latest amendments to Japan's Securities and Exchange Law were approved by the Diet. The amendments introduce
More informationNews Release April 29, 2016. Performance Review: Quarter ended March 31, 2016
News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March
More informationTotal Business at 8.08 lakh crore Net Profit for Q2 at 529 crore
PRESS RELEASE Total Business at 8.08 lakh crore Net Profit for Q2 at 529 crore Head Office November 04, 2015 Major Highlights Q2FY16 Net profit for Q2FY16 at Rs.529 crore, up by 10.44% sequentially. Gross
More informationHousing Finance being one of the safest lending avenues has. also contributed to the emergence of new players in the market.not
Introduction: Housing Finance being one of the safest lending avenues has also contributed to the emergence of new players in the market.not only home loans easily available, with intense competition in
More informationFinancing needs of Micro and Small Enterprises A guide
Nurturing dreams. Empowering enterprise. Financing needs of Micro and Small Enterprises A guide A financial literacy initiative by Reserve Bank of India This document is intended for your general information
More informationADMINISTRATION PLAN for the Franklin County Revolving Loan Fund
ADMINISTRATION PLAN for the Franklin County Revolving Loan Fund I. PROGRAM ELEMENTS OF THE PLAN A. GOALS AND OBJECTIVES The primary purpose of the Franklin County Revolving Loan Fund, hereafter known as
More informationAwareness and Impact of Globalization of Life Insurance in India
Awareness and Impact of Globalization of Life Insurance in India Jyoti Agarwal 1, Dr. K.K. Shukla 2 1 Research Scholar, Bhagwant University, Ajmer, Rajasthan 2 Assistant Professor, KCPG Degree College,
More informationTITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL
TITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL Section R20-4-102. Table A. Definitions Licensing Time-frames ARTICLE 9. MORTGAGE
More informationResponse to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )
Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association
More informationINTERNATIONAL JOURNAL OF MANAGEMENT (IJM)
INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 4, Issue 1, January- February
More informationINFORMATION BROCHURE. Refinance Scheme for Scheduled Banks for their lending for Housing, 2003
INFORMATION BROCHURE Refinance Scheme for Scheduled Banks for their lending for Housing, 2003 1. Introduction The objective of the scheme is to provide refinance assistance to Scheduled Banks (SBs) in
More informationTHE KARNATAKA MONEY-LENDERS ACT, 1961
Statement of Objects and Reasons Sections: THE KARNATAKA MONEY-LENDERS ACT, 96 ARRANGEMENT OF SECTIONS. Short title, extent and commencement. 2. Definitions. 3. Appointment of Registrar General, Registrars
More informationAndhra Pradesh Microfinance Crisis and its Repercussions on Microfinancing Activities in India
Global Journal of Management and Business Studies. ISSN 2248-9878 Volume 3, Number 7 (2013), pp. 695-702 Research India Publications http://www.ripublication.com/gjmbs.htm Andhra Pradesh Microfinance Crisis
More informationMORTGAGE BROKER AGREEMENT
MORTGAGE BROKER AGREEMENT This Mortgage Broker Agreement (the "Agreement") is entered into by and between: ST. CLOUD MORTGAGE, a California Corporation (the "Lender"), and (the "Mortgage Broker") as of
More informationSAVING AND INSURANCE
Saving and MODULE - 5 16 SAVING AND INSURANCE Apart from production and consumption, saving is also a very important economic activity. We all want to lead our present and future life properly. To do so,
More informationLoans and Advances. 35.1 Introduction. 35.2 Objectives
35 Loans and Advances 35.1 Introduction In the previous lesson you have learnt the meaning and types of depositaccounts including the procedure of opening and operating bank accounts. We have seen that
More informationSome examples of what the author and his institution have experienced in the past ten years, are as below;
To: CPPM 2007 Paper For Presentation Page 1 of 10. Real Interest Rates Prevalent In Informal Money Lending In India, & Its Implications For Public Policy Making For Micro Credit In India, By Dr. Ramesh
More informationCENTRAL UNIVERSITY OF RAJASTHAN Department of Management MBA Semester III Sessional Test- I (2011) MBA 301: Strategic Management
MBA 301: Strategic Management Q-1: Explain the following terms in brief: a) Vision, Mission & Objectives b) Policy & Strategy c) Decision Making d) Core Competency and Competitive Advantage (1*4= 4 marks)
More informationPolicy on Joint Lending Arrangement Background
Policy on Joint Lending Arrangement Background 1. With a view to introducing flexibility in credit delivery system and to facilitate smooth flow of credit, various regulatory prescriptions regarding conduct
More information23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank
More informationInternational Journal of Recent Scientific Research
ISSN: 0976-3031 International Journal of Recent Scientific Impact factor: 5.114 INDIAN FINANCIAL SYSTEM Shilpa Goyal Volume: 6 Issue: 9 THE PUBLICATION OF INTERNATIONAL JOURNAL OF RECENT SCIENTIFIC RESEARCH
More informationCHAPTER 9: BANKING DOING BUSINESS IN GREATER PHOENIX, U.S.A. 9.1: THE U.S. BANKING SYSTEM 9.2: ESTABLISHING A U.S. BANK ACCOUNT
CHAPTER 9: BANKING 9.1: THE U.S. BANKING SYSTEM Unlike banks in many countries, U.S. banks are not government-owned and managed. They provide deposit facilities for the general public, provide loans for
More information[The Punjab] Regulation of Accounts Act, 1930 (Punjab Act 1 of 1930) CONTENT Sections
[The Punjab] Regulation of Accounts Act, 1930 (Punjab Act 1 of 1930) CONTENT Sections 1. Short title, extent and commencement. 2. Definitions. 3. Duty of the creditor to maintain and furnish accounts.
More information