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What banking regulation act 1949 says about banker customer relationship?
Wiki User
∙ 12y ago
In this regulation act they introduces a synonym for the term LOAN.From now on Indians call Donation
Wiki User
∙ 12y ago
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Brifliy expline primary relation ship of banker and customer?
The relationship between a banker and a customer is called a contractual relationship.
Relationship between banker and customer?
The basic function of a banker is accepting of money from the public by way of deposits and deploying the same by means of loans and investments. Besides these functions, bankers render a variety of services to their customers, like providing locker facility, keeping articles in safe custody, collecting bills, cheques, ATM Services, tele-banking, internet banking, and so on. While rendering these services, different types of relationships are created between the banker and the customers, depending upon the nature of services rendered. Banker-customer relationship is thus a contractual relationship, where one person (called customer) entrusts valuable items, like money, jewelry, important and valuable documents, etc., to another person (called a banker) with an intention that such items shall be retrieved on demand.Thus the banker is the one who is entrusted with the above mentioned valuable items, like money, jewels, etc., while the person who entrusts these items with a view to retrieve it on demand is called the customer. This relation between a banker and a customer is a contractactual relationship, which is based on certain terms and conditions. When a customer deposits his money into a savings bank account, the relationship that is established is that of the debtor and the creditor as long as the customer's funds are with the banker. This relationship is called the primary relationship. This position is reversed when the banker lends to the customer.TRANSACTIONBANKERCUSTOMERDeposit in the BankDebtorCreditorLoan from the BankCreditorDebtorLockerLessorLesseeSafe CustodyBaileeBailorCollection of ChequeAgentPrincipalPledgePawner (Pledgee)Pawnee (Pledgor)MortgageMortgageeMortgagorHypothecationHypothecateeHypothecatorShares given for SaleAgentPrincipalM.J. SUBRAMANYAM, XCHANGING, MUMBAI
Explain special relationship between banker and customer?
Bankers and customers work together to do financial transactions. A good banker will help a customer secure mortgages, balance accounts, and maintain a good relationship with the bank.
What is a primary relationship?
The relationship between a banker &customer is primarily that of debtor &creditor. On the basis of the existing state of account,respective position of the banker & customers will be determined.
What is the difference between the banker and its customer?
the banker is the banker while the customer is the customer
What has the author G A Weaver written?
G. A. Weaver has written: 'The Law Relating to Banker & Customer in Australia' -- subject(s): Banking law
Definition of customer relationship with bank?
Banker customer relationship,is just a special contract where a person entrusts valuable items with another person with an intention that such items shall be retrieved on demand from the keeper by the person who so entrust. Thus the banker is the one who is entrustd with the above mentioned valuable items,whie the person who entrust the items with a view to retrieving it on demand is called the customer. The relationship is thus based on contract.It is based on certain terms and conditons.For instance,the customer has the right to collect his deposit on demand personally or by proxy.The banker too is under obligation to pay, so long the proxy is duly auhorised by the customer It has a semblance of creditor /debtor relationship.Thus the customer is the creditor who has the right of demand on the money from the banker.As long as the banker is keeping the customer items,the banker is indebted to the customer. The elationship is also fiducial.The terms and conditons governing the relationship should not be leaked to a third party,particularly by the banker.Also the items kept should not be released to a third party without due authorisation by the customer. Banker customer relationship,is just a special contract where a person entrusts valuable items with another person with an intention that such items shall be retrieved on demand from the keeper by the person who so entrust. Thus the banker is the one who is entrustd with the above mentioned valuable items,whie the person who entrust the items with a view to retrieving it on demand is called the customer. The relationship is thus based on contract.It is based on certain terms and conditons.For instance,the customer has the right to collect his deposit on demand personally or by proxy.The banker too is under obligation to pay, so long the proxy is duly auhorised by the customer It has a semblance of creditor /debtor relationship.Thus the customer is the creditor who has the right of demand on the money from the banker.As long as the banker is keeping the customer items,the banker is indebted to the customer. The relationship is also fiducial.The terms and conditons governing the relationship should not be leaked to a third party,particularly by the banker.Also the items kept should not be released to a third party without due authorisation by the customer.
Why banker-customer relationship is consider so important?
Because you want to be able to trust the banker, because they are taking care of your money by the way... Bankers want to be able to trust the customer with responsibilities with the money because, they DO care.
Why do you study about banking?
I don't? I'm not a banker! xD
What procedure does a banker follow to close the account of an undersizeable customer?
1. Banker issues due notice of intention to close customer's account and requests him to withdraw the balance amount. banker must give sufficient time to customer to make alternative arrangements. 2. If the customer still doesn't close his account, the banker issues another notice stating the last date by which the customer must close his account, otherwise it will be terminated by the banker himself. 3. If the customer defaults to close his account, the banker terminates the account himself, and sends the balance amount of money to the customer by a draft.
Meaning of paying banker?
the banker on whom a cheque is drawn or the banker who is required to pay the cheque drawn on him by a customer is called the paying banker or drawee bank
What is a banker's lien?
A banker's lien is a right of a bank to satisfy a customer's matured debt by seizing the customer's money or property within the bank's possession.
