Articles by Shivaprasad Laxman Chhatre

Proposed Amendments to Bank Deposit Nominations - An urgent need for a healthy debate

Shivaprasad Laxman Chhatre 07 October 2024 at 08:31

The Banking Laws (Amendment) Bill 2024 proposes significant changes to bank deposit nominations, introducing successive and simultaneous nominations.

Why RBI withdrew the most popular money market product collateralized borrowing and lending (CBLO)

Shivaprasad Laxman Chhatre 15 December 2023 at 10:54

Why are major financial market regulators ignoring statute/s, while pushing new products/policies, and exotic ideas, overlooking serious systemic, legal risks to the market segment/s they regulate?

Why banks stopped issuing standalone ATM cards?

Shivaprasad Laxman Chhatre 11 December 2023 at 16:27

Banks will not easily give up this debit card stream of revenue generation unless the RBI comes with an iron hand. Such ATM cards will be useful mainly to the senior citizen class, risk-averse and/or less technology savvy class of the bank customers.

A Comprehensive Guide to the Supreme Court's Rulings on Safe Deposit Lockers in India

Shivaprasad Laxman Chhatre 06 December 2023 at 10:41

The Supreme Court of India's directions on hiring safe deposit lockers- - new locker agreement/s-confusion on stamping- many aspects the locker customers of banks need to know.

Card network portability ambiguity in RBI's circular

Shivaprasad Laxman Chhatre 04 December 2023 at 14:20

RBI's directions on Card's network portability - ambiguity. What needs to be done to ensure card users get the desired benefits?

Can Banks freeze inoperative SB and CD Accounts, return cheques issued and stop access to ATM service?

Shivaprasad Laxman Chhatre 30 August 2022 at 12:27

In this article, I have attempted to highlight a few related aspects like recklessness at Integrated Ombudsman's office.

Can banks freeze a customer's account for non-compliance with Re-KYC (KYC review)?

Shivaprasad Laxman Chhatre 29 August 2022 at 08:41

Neither RBI on its own can direct, a partial or total freeze of Re-KYC due (non-compliant) bank account nor it can delegate such authority to any bank/branch to impose such a freeze. RBI has formally confirmed that the directions it had given in Sept 2014 were applicable before the amendment on 20th April 2018.

PMC bank's scheme of amalgamation: Was it not a travesty of justice?

Shivaprasad Laxman Chhatre 11 February 2022 at 12:12

In this write-up, I have used the terminology retail, institutional deposit as has been used in the Scheme of amalgamation of PMC Bank with Unity Small Finance Bank (USFB) as published in the gazette of India notwithstanding it is a ridiculous and misleading terminology not consistent with provisions of DICGC or any existing law.

What PMC bank’s different classes of depositors, creditors would get if the proposed Scheme of amalgamation is approved?

Shivaprasad Laxman Chhatre 03 December 2021 at 10:04

After a big fraud that was reported, in September 2019, inspections conducted by RBI showed complete erosion of capital and substantial deposit erosion of the bank.

Are current methods of customer grievance redressal in RBI regulated entities adequate to redress the concerns of consumers?

Shivaprasad Laxman Chhatre 16 November 2021 at 15:28

The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of consumers dealing with Banks, NBFCs, and in the Digital Transactions space.