Realizable Securities Part2 (Advances General Information)
Realizable Securities Part3 (Advances General Information)
Realizable Securities Part4 (Advances General Information)
Realizable Securities Part5 (Advances General Information)
Advances Against Readily Realizable Securities Such As:
1. Fixed deposit receipt.
2. Government securities and other trustee securities.
3. Shares and Debentures of Joint Stock Companies and units of mutual funds.
4. Gold ornaments.
5. Life Insurance Policies.
In respect of advances secured against the above securities the Manager/Officer should verify that the outstanding in the account is not in excess of the drawing power or the sanctioned limit whichever is less. Excess drawings/balance due to application of quarterly interest charged, a minor irregularity caused is rectified. In case outstanding in the account exceeds the amount due against the securities offered, the same should be followed up for recovery continuously till it is brought in order and reported to competent authority accordingly.
Advances Against Terms Deposits Of Our Bank
The Manage / Officer should verify that –
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Realizable Securities Part3 (Advances General Information)
Realizable Securities Part4 (Advances General Information)
Realizable Securities Part5 (Advances General Information)
Advances Against Readily Realizable Securities Such As:
1. Fixed deposit receipt.
2. Government securities and other trustee securities.
3. Shares and Debentures of Joint Stock Companies and units of mutual funds.
4. Gold ornaments.
5. Life Insurance Policies.
In respect of advances secured against the above securities the Manager/Officer should verify that the outstanding in the account is not in excess of the drawing power or the sanctioned limit whichever is less. Excess drawings/balance due to application of quarterly interest charged, a minor irregularity caused is rectified. In case outstanding in the account exceeds the amount due against the securities offered, the same should be followed up for recovery continuously till it is brought in order and reported to competent authority accordingly.
Advances Against Terms Deposits Of Our Bank
The Manage / Officer should verify that –
- The term deposits stand in the names of the borrowers.
- If the receipt is in the name of a minor, letter from the guardian stating that the advance will be utilized for the benefit of the minor is obtained.
- If the term deposits are in joint names all the depositors have discharged the receipts and have executed lien letter and other documents.
- The lien is noted in the Ledger/Register.
- Prescribed margin is maintained and interest is charged as per Central Office instructions / RBI directives.
- If the term deposits are issued by the other branch the signatures of the depositors are to be verified by the issuing branch manager. The Branch should keep on its record confirmation of lien having been noted by that branch.
Note:All content is copyrighted to http://sm-information.blogspot.com and may not be reproduced on other websites.
If you have any question regarding this websites or any other post related you can Email us.
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