Articles by Shivaprasad Laxman Chhatre

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

Posted by Shivaprasad Laxman Chhatre 11 February 2022 1991 Views

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?

Posted by Shivaprasad Laxman Chhatre 03 December 2021 5367 Views

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?

Posted by Shivaprasad Laxman Chhatre 16 November 2021 2423 Views

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.

KYC, Re-KYC, Misconceptions around KYC and Dormant Account

Posted by Shivaprasad Laxman Chhatre 13 September 2021 24744 Views

KYC is a mandatory process by which bank/s, FI/s obtain information about the identity and address of the customers to establish the legitimacy of a customer.

Will all eligible depositors of banks under directions, moratorium get an interim payment of Maximum of Rs. 5 lacs from DICGC in 90 days?

Posted by Shivaprasad Laxman Chhatre 04 September 2021 1690 Views

The amendment has been made to the DICGC Act,1961 to provide interim payments to depositors subject to certain provisions stipulated in the DICGC (Amendment) Act, 2001.

RBIs directions on Auto re-designation of banking accounts into Senior Citizen Account

Posted by Shivaprasad Laxman Chhatre 29 July 2021 1198 Views

Please peruse below the text of an important and relevant portion of a simple query, supported with a clear example, I posed to DBR (RBI). The circular below was issued by RBI following the policy statement of Governor RBI in Oct 2017

Can a bank offer different rates of interest, on non-bulk Fixed Deposits?

Posted by Shivaprasad Laxman Chhatre 07 July 2021 1560 Views

Discussing whether a bank can prescribe different rates of interest for the same tenure, for the same amount, on the same day, for different FD products, at the same or different branches of the bank.

Inadequate oversight by financial regulators resulting in regulated entities practising random ways to generate revenue

Posted by Shivaprasad Laxman Chhatre 20 March 2021 2182 Views

Inadequate oversight by financial regulators resulting in regulated entities practising random ways to generate revenue

PMC almost became bankrupt overnight

Posted by Shivaprasad Laxman Chhatre 11 April 2020 7308 Views

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank's failure and would broadly be aware as to how a co-operative bank

Are e-Fixed Deposit receipt issued legal?

Posted by Shivaprasad Laxman Chhatre 09 October 2019 15037 Views

In every walks of life, we come across a situation where we receive an unsigned business letter/Receipt/Advice which bears the legend 'This letter/Report Advice is computer generated and therefore does not require any signature', or similar to that. I think it is the best route for the originator to escape.