spot_img

Duties of Collecting Bank

Duties of Collecting Bank
1. Duty to open account with references
2. Duty to follow up the reference where the referee is not known
3. Duty to Ensure Crossing : It is duty of the banker to ensure that the cheque is crossed specifically to himself and if the cheque is crossed to some other banker they should refuse to collect it. Similarly where the cheque is crossed to a specific account then crediting the same to another account without necessary enquiry?s would make him liable on the grounds of negligence.
4. Duty to verify the instruments / any apparent defect in the Instruments
5. Duty to take into account the state of customers account
6. Negligence of Collecting Bank in Collecting Cheques Payable to Third parties.

Also Like:
🤩 🥳 JAIIB NEW BATCH START 🥳 🤩spot_img
🤩 🥳 JAIIB CAIIB CLASSES 🥳 🤩spot_img

POPULAR POSTS

RELATED ARTICLES

Continue to the category

Certified Credit Professional Free Pdf Study Material

Introduction   Both organisations and people must have a solid understanding of credit management in the fast-paced financial environment of today. In order to keep a...

Risk Management Numerical On Foreign Exchange

What is Foreign Exchange? Foreign Exchange or FX, is an investment market that majority of individuals can understand but handful can truly master. It is...

JAIIB 2023: Eligibility, Syllabus and Registration

Introduction to JAIIB 2023 Exam Junior Associates of the Indian Institute of Bankers is referred to as JAIIB. It is a flagship course provided by...

Small Finance Banks: Free PDF Study Material

Small Finance Banks: A Detailed Overview  Small Finance Banks (SFBs) were brought in to the Indian banking structure in 2015 to meet the unique needs...