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Transcript of Law
According to Section 3, Negotiable Instruments Act,1881
& Bill Of Exchange,1882:
“The term banker includes a person or corporation or a company acting as a banker”
According to Section1, Banking Regulation Act, 1949“Banking company is the company which transacts banking business”
Who Is A Banker?
Groovy National Bank
Moody National bank
Acc to Sec 3 , Negotiable Instruments Act,1881 & Bill of Exchange Act,1882:
"The term Banker includes any Person Company or Corporation acting as a Banker
Acc to sec 1 Banking Regulation act,1949: "Banking company is any company that transacts Banking Business"
A Person, Company or Entity holding an Account with a Bank is a Customer to the bank and he is the one to whom the bank undertakes to extend business of banking
Banker Customer Relationship
While taking a loan
Post Dated Cheque
Insufficient Funds or Overdraft
Cheques without a stamp
Banker MAY Dishonour a customer's cheque
Banker MUST Dishonour the cheque
Stop Payment Instructions
Orders from the court
Loss Of Cheque
Breach Of Trusts
Protection To Paying Banker
Protection To A Collecting banker
Shah Jog Hundi
Naam Jog Hundi
Dhani Jog Hundi
Firman Jog Hundi
Lapse Of Banking Hours
What Comes To Your Mind
Duties Of A Banker
Submit periodical reports
Complete information to be provided
Provide proper services
Maintain secracy of customer's accounts
Duties Of A Customer
Submit true documents
Do not sign any document without reading
Timely payments & due clearances
Abide by the rules & regulations of the bank
USES OF HUNDIS:
As remittance instruments
As credit instruments
As trade instruments