Ever wondered how banks manage deposits, clear checks, and prevent fraud? 🤔
If you’re preparing for JAIIB 2025, understanding the operational aspects of deposits, account statements, and the check clearing system (CTS) is crucial for scoring high.
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In this 12th session, we wrap up Chapter 5 and dive into Chapter 6, covering:
- ✅ Operational aspects of deposit accounts
- ✅ Bank passbooks, account statements & customer service
- ✅ Check Truncation System (CTS) & clearing process
- ✅ Regulations on check handling, payment, and fraud prevention
📌 Who should watch?
- 📖 JAIIB aspirants looking for a structured breakdown
- 🏦 Banking professionals seeking to refresh their concepts
- 💡 Anyone curious about how banks operate behind the scenes
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📖 Understanding Operational Aspects of Deposits & Clearing
📌 Statement of Accounts & Passbook Management (00:01:13)
- 🔹 Banks must provide passbooks for savings accounts – it’s a mandatory facility.
- 🔹 Monthly account statements should be sent without additional charges.
- 🔹 Passbook entries should be clear, computer-printed, and legible.
- 🔹 Precautions to prevent fraud:
- – No passbook issuance without a token ID or unique identification.
- – Encourage self-service passbook updating machines with barcode scanning.
📌 Understanding Checks & Their Parties (00:04:47)
- 🔹 A check is a negotiable instrument (as per Section 6 of the NI Act).
- 🔹 Three key parties in a check transaction:
- 1️⃣ Drawer – The person who writes the check.
- 2️⃣ Drawee – The bank responsible for payment.
- 3️⃣ Payee – The recipient of the money.
- ✅ Checks must be correctly filled with:
- – A valid date (English or regional calendar accepted).
- – Correct figures & words (if different, words prevail).
- – Authentic signatures & stamping.
📌 Understanding Check Clearing & Check Truncation System (CTS) (00:13:24)
🔹 What is CTS?
The Check Truncation System (CTS) was introduced by RBI in 2008 to eliminate the physical movement of checks in clearing.
📌 How does CTS work?
- 1️⃣ Customer submits check to the bank.
- 2️⃣ Presenting Bank scans & sends an electronic image to the Clearing House.
- 3️⃣ Clearing House calculates net settlements & sends data to the Paying Bank.
- 4️⃣ Paying Bank verifies the check & approves or rejects payment.
- 5️⃣ Final settlement occurs via RBI’s clearing process.
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✅ JAIIB Principles & Practices of Banking Notes
✅ CTS, Clearing Process & Operational Banking Guidelines
✅ Check Handling, Stop Payments, and Positive Pay System (PPS)
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📌 Conclusion
👏 Congrats! You’ve just mastered another important JAIIB topic!
Here’s a quick recap:
- ✅ Operational Aspects of Deposits & Passbooks – Mandatory for savings accounts.
- ✅ Check Handling & CTS – Ensures fast & secure check clearance.
- ✅ Stop Payments & Fraud Prevention – Key to customer protection.
- ✅ Positive Pay System – A new fraud prevention tool for high-value transactions.
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- ✔ Drop a comment if you found this helpful! 💬
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