Banking Ombudsman scheme is a grievance redressal system. If a customer is dissatisfied with the service of the bank then he can approach the Banking ombudsman for further action. Banking ombudsman scheme to redress the complaints of customers on banking services provided by banks and facilitation of the settlement for those complaints. In Banking Regulation…
The Insolvency and Bankruptcy Code, 2016 (IBC) is an amalgamation of the existing legislations related to bankruptcy and insolvency. It has simplified the resolution of insolvencies and aims at making business more convenient. It also aims at protecting the interests of small-scale business owners. The IBC was introduced with the aim of helping tackle loan…
Bankruptcy is a legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment. Bankruptcy can allow you a fresh start, but it will stay on your credit reports for a number of years and make it difficult to borrow in the future. Declaring bankruptcy…
Psychology is the scientific study of behaviour, experience and mental processes. Behaviour includes all of our outward or overt actions and reactions, such as talking, facial expressions and movement. Mental processes refer to all the internal, covert actions of our minds, such as thinking, feeling and remembering. To study behaviour and mental processes in both…
FOREIGN EXCHANGE MANAGEMENT ACT (FEMA): FOREIGN BORROWINGS Earlier since April 2021, the provisions of the act of foreign exchange management,1999 became a subject of discussion when the Enforcement Directorate (ED) declared to initiate an inquiry at preliminary stage for the purpose of examining the overseas borrowings by one Kerala Infrastructure Investment Fund Board (KIIFB) on the note…
On 22nd December 1901, Rabindranath Tagore established his school at Santiniketan with five students (including his eldest son) and an equal number of teachers. He originally named it Brahmacharya Ashram in the tradition of ancient forest hermitages. Not too many know that Shantiniketan, which means the abode of peace – long before it became the…
The INDIAN EDUCATION SYSTEM, ruining aspirations, dreams, careers and lives since forever. On an average an Indian person spends about 16-18 years in school and another 3-5 years in college, if not more thinking that education will put him on the right path of life and rightly so. What are the expectations? He/she will know…
Negotiable instruments are written orders or an unconditional promise to pay a fixed sum of money at a certain time period. Promissory notes, bills of exchange, drafts, and certificates of deposit are all different forms of negotiable instruments. The word negotiable means ‘transferable by delivery,’ and the word instrument means ‘a written document by which…
In the issue of Firm Jaikishen Dass Jinda Ram v. National Bank of India Ltd.AIR 1960 Punj.1, two organization firms with a similar arrangement of accomplices had two separate records with the Bank. The Court held that the bank was qualified for proper monies having a place with a firm for the installment of an…
The advent of modern business practices contributed to the growth of newer ways of facilitating financial transactions. Previously, cash was the most usual mode of exchanging goods and services for their value. The hike of negotiable instruments, however, brought radical changes in business practices. Negotiable instruments are critical to our economy. They allow people to…
