Banking News

Author Archives: Surendra Naik

  • What is negative statement of export bills?

    What is negative statement of export bills?

    Where exports made under the Duty Drawback Scheme and such bill remain outstanding beyond the prescribed time limit, the exporter needs to submit a negative statement/certificate to the nodal officer of Department of Excise and Customs on a 6 monthly basis. The negative statement /certificate will be issued either…

  • Bank Holidays 2018 under NI Acts/Public Holidays 2018

    Bank Holidays 2018 under NI Acts/Public Holidays 2018

    (This post contains dates of all India  state-wise bank  holidays ) Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of…

  • What is Contract of Indemnity?

    What is Contract of Indemnity?

    (This article explains the meaning of contract of Indemnity; features of Indemnity Contract, rights and duties of indemnity holder.) Definition of contract of indemnity: Section 124 of contract Acts defines contract of indemnity as “a contract by which one party promises to save the other from loss caused to…

  • What is demand loan?

    What is demand loan?

    Demand loan is a form of short term fiance provided by  the  banks to their customers. Unlike term loans where loans are granted on a fixed tenure and that shall be repaid in installments as per terms and conditions of the sanction, the demand loans work on the specific…

  • Different Types of Bank Borrowers

    Different Types of Bank Borrowers

    There are different types of bank borrowers. They may be classified as individuals, partnership firms, private limited, public limited companies, large corporate, public sector undertakings, multinational companies etc. The financial and non-financial credit facilities required to the above customers are many. We can divide them in to retail borrowers…

  • Bank finance of different types

    Bank finance of different types

    (This posts elucidates different types of credit facilities extended by the banks) You may be aware that banks lend various types of credit facilities to their customers  viz.Demand Loans,  consumer loans, home loans, education loans, term lending,  working capital finance,  export credit, Bank Guarantee, Letter of credit, etc. Bank…

  • What are secured and unsecured loans?

    What are secured and unsecured loans?

    There are two basic types of loans granted by lenders namely Secured and Unsecured loans. Secured Loan Secured loans are those loans which are granted by the lenders taking security from the borrower against the loan. The security may be prime security or collateral security.Prime security is an asset…

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