Author Archive

Different Types of Mortgages and Bank loans

Mortgage, bank loan, Transfer of Property Act, Section 58, interest, specific immovable property, money , advanced, future debt, pecuniary liability, Mortgagor, Mortgagee, Simple mortgage, conditional sale, Usufructuary, English mortgage, deposit, title deeds, Anomalous
What is meant by mortgage?  Mortgage is specified in Section 58 of the Transfer of Property Act. Mortgage is defined as the transfer of an interest in specific immovable property for the purpose of securing i) the
20 Jan 17 Author CategoryBanking Terms No Comment Read More

LIC policies, Assignment and Bank Loans

LIC policy, LIC policies, Bank Loans, security, assignment, re-assignment, IRDA, precaution, bank .loans, assignable, policy holder, life insured, endowment, insurable interest, Endowment Policy, children, married woman, Deferred Assurance
Banks accept LIC policies assigned in their favour as security for loans to be sanctioned.  A charge in favour of the bank over the LIC policy is created by assignment of LIC Policy.  Which are the types
17 Jan 17 Author CategoryBanking Terms No Comment Read More

What is a security in banking terms?

Security, banking terms, primary, collateral, personal, intangible, recover, guarantee, Bank deposit, NSC, Gold, LIC, vehicle, flat, land, security interest, pledge, hypothecation, assignment, mortgage
Security in banking terms is anything that makes the money advanced by bank safer. Presence of security gives more confidence to bankers while processing loan applications as it improves recoverability in case the account turns bad.  What
15 Jan 17 Author CategoryBanking Terms No Comment Read More

SBN- Grace Period For Residents & NRIs.

SBN, Specified Bank note, RBI, Grace period, condition, stipulation, format, passport, red channel, documentary proof, absent.
The facility for exchange of Specified Bank Notes (SBN) announced by Reserve Bank of India (RBI) was from 10th  November to 30th  December 2016. On November 8, 2016, Prime Minister of India announced cancellation of legal tender
10 Jan 17 Author CategoryBanking News No Comment Read More

Limited Liability Partnership (LLP)

Limited Liability Partnership, LLP, business entity, designated partner, number of partners, LLP Act, winding up, dissolution, liability, partner, Incorporation Document
What is a Limited Liability Partnership (LLP)? Limited Liability Partnership (LLP), is a form of business entity that came into existence with effect from 9.1.2009 on enactment of Limited Liability Partnership  Act, 2008. This form of entity
6 Jan 17 Author CategoryBanking Terms No Comment Read More

Stamp Duty and Stamping of Documents

Stamp duty, stamping, Franking, document, Indian Stamp Act, enforceable, Adhesive, Impressed Stamp, Revenue Stamp, Embossed Stamps, E-stamping, stamping document
What is stamp duty? Stamp duty is a tax levied by governments for legal recognition of documents. Stamp duty is a source of revenue for the government. Section 3 of the Indian Stamp Act, 1899 stipulates payment
3 Jan 17 Author CategoryBanking Terms, Legal Terms and Matters No Comment Read More

National Payments Corporation of India (NPCI)

NPCI, National Payments Corporation of India, Lucky Grahak Yojana, Digi Dhan Vyapar Yojana, Digital India, digital payments, cashless, less cash, economy, India, system, UPI, IMPS, USSD, *99#, BBPS, AEPS, ATM net work, Rupay, disruptive innovation
National Payments Corporation of India (NPCI) is an organisation promoted by ten banks with the objective of stimulating and integrating digital payment system in India.  The Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) extend
1 Jan 17 Author CategoryDigital Banking Awareness, Regulators & Institutions No Comment Read More

Why banks insist for execution of documents for loans?

Documentation, documents, execution, purpose, selection, recording, loans, bank, borrower
Those who have taken loans from banks are familiar with execution of documents. Often borrowers are required to sign a set of agreements and other papers.  What is documentation? What is execution of documents?  Section 3 of
1 Jan 17 Author CategoryBanking Terms No Comment Read More

Lucky Grahak Yojana: Reward Scheme For Promotion of Digital Payments

Lucky Grahak Yojana, Digi Dhan Vyapar Yojana, Digital Payments, Promotion, consumer, bank customer , digital, mode, method, lucky draw, cash prize, digital payment, prize structure, NPCI, UPI,USSD, AEPS, prize winners, prize status, check, winner
Lucky Grahak Yojana ( for consumers) and Digi Dhan Vyapar Yojana (for merchants) are two schemes announced by Government of India. The objective of the schemes is encouraging people to migrate to cashless digital payment mode. Government
17 Dec 16 Author CategorySchemes No Comment Read More

Digi Dhan Vyapar Yojana: Promote Digital Payments, Get Rewarded

Digi Dhan Vyapar Yojana, , Lucky Grahak Yojana, Digital Payments, Promotion, consumer, bank customer , digital, mode, method, lucky draw, cash prize, digital payment, prize structure, NPCI, UPI,USSD, AEPS, prize winners, prize status, check, winner
Digi Dhan Vyapar Yojana (for merchants)  and Lucky Grahak Yojana ( for consumers) are two schemes announced by Government of India. The objective of the schemeis encouraging people to migrate to cashless digital payment mode.  Digi Dhan
17 Dec 16 Author CategorySchemes No Comment Read More