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Experience has shown that financial crimes can't be eliminated, but can be controlled and detected. A junior banker who conducted the loan origination process is quickly picked up as the offender. This is how you shift public attention from the actual swindler to a junior banker. The organisations should be judged as wrongdoers, not employees. The simple logic is that employees work for a living and the board of directors or policymakers work for profit.It is not difficult to isolate a criminal by looking into the motive of the crime and who is the beneficiary of the crime. Once the crime is detected, all fingers are pointed to the banking process and to those who carried it out. Consequently, the real criminal gets away with his crime and bankers are implicated instead. Bankers are of course not saints. They have their limitations and chances of judgmental errors. #conflict_of_interest #banker #banking #law_and_enforcement

Don’t pay any charges!! A savings or current account is categorized as ‘inoperative’ or ‘dormant’ if there have been no transactions in the account for more than two years. In order to reactivate your bank account, you need to visit the bank and update your KYC details. Although the bank cannot charge anything for reactivation. [reactivation of bank account, saving account, current account, inoperative account, demat account, kyc details, bank account] #bankaccount #kyc #inoperativeaccount #account #bank #savingsaccount #currentaccount #finance #financialeducation #financialfreedom #viral #trending

Are you aware of the new penal charges introduced by the #ReserveBankofIndia to enforce fair lending practices? These measures aim to prevent financial institutions from profiting unfairly from borrower defaults. Visit the link to read the full article and understand how these changes impact both lenders and borrowers: https://lnkd.in/gcXGC3KW #FairLending #RBIPolicies #BorrowerRights #FinancialRegulation #BankingReforms #PenalCharges #LoanDefaults #RBIUpdates #FinancialInstitutions #ConsumerProtection #KSK

Regularly review your credit card and bank account statements. Watch for and report unauthorized and/or suspicious transactions. #review #watch #report #bank #statement #account #creditcard #money #transaction #purchase #april #security #secure #nation #protect #check #hr #adcltdnm #securitythroughknowledge

Individual notices by banks may delay loan recovery As per the revised rules, all regulated entities will now have to issue a detailed show-cause notice to the persons, entities and its promoters, whole time and executive directors against whom allegation of fraud is being examined. #finventoeconomics #finance

New regulations are coming into play for nonbank lenders. In June 2024, US banking regulators finalized new reporting requirements for these lenders. This means that companies, which are not traditional banks but offer loans, will now have stricter rules on what information they must report. The goal is to increase transparency and ensure fair lending practices across the industry. For finance lawyers, it's crucial to stay informed on these developments. This change isn't just an industry shift—it's an urgent call to action. With new complexities arising, the market's demand for finance lawyers has never been higher. Understanding these requirements will be key in navigating the new landscape and advising clients effectively. Reach out at thomasbenjamin@outlook.com to learn more about the exciting roles we have with our big law and mid-tier clients. #LegalJobs #LegalRecruitment #LawJobs

Banks have consolidated a caution list of around 3,000 entities involved in Fraud that will be shared and updated on a real time basis. This caution list to have entities like business correspondents, CA, valuers, gold loan appraisers among others colluding to secure loans through fradulent means. Advisory Board for Banking and Financial Frauds ( ABBFF) has been empowered to periodically carry out fraud analysis in the financial system and share suggestions if any for policy formulation to RBI and CVC. A positive move , a mandatory adherence of referring this list will help arrest fradulent entities finding a way back into the financial system ( Source ET)

𝐂𝐫𝐞𝐝𝐢𝐭 𝐑𝐢𝐬𝐤 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 - 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐜𝐨𝐧𝐝𝐮𝐜𝐭 𝐢𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐚𝐧𝐝 𝐰𝐡𝐲 𝐢𝐬 𝐢𝐭 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭? 🧐 Account conduct in banking refers to the way an account holder uses and manages the bank account. The relationship between a bank and the account holder is determined by how the bank account is maintained adhering to the terms of the sanction and ensuring overall financial discipline. No banks would like to continue a relationship with a customer with poor account conduct. 🚩 𝐅𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐢𝐧𝐬𝐭𝐚𝐧𝐜𝐞𝐬 𝐰𝐡𝐞𝐫𝐞 𝐚𝐧 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐜𝐨𝐧𝐝𝐮𝐜𝐭 𝐰𝐢𝐥𝐥 𝐠𝐞𝐭 𝐢𝐦𝐩𝐚𝐜𝐭𝐞𝐝, ▶ Late payment of interest for a credit facility ▶ Frequent overdrawing in the limit account ▶ Personal transactions in business account ▶ Insufficient routing of sales proceeds in the credit limit account ▶ Request for temporary overdraft facility over and above the sanctioned limit ▶ Cheque bounces due to insufficiency of funds ▶ Penal charges levied for non-compliance of terms and conditions

Bounce Back Loan Fraud Update-2024 Stay informed with the latest updates on Bounce Back Loan fraud in 2024. This video covers new regulations, recent fraud cases, and essential legal advice for businesses and individuals. Don't miss crucial information on how to protect yourself from financial scams and stay compliant with the latest guidelines. Book now for a free business insolvency check ⁠https://lnkd.in/epnRrHjV Or call on - 0800 086 2786 #Liquidation #DirectorsLoanAccount #FinancialTransparency #BusinessFinance #ExpertAdvice #FinancialInsights #HonestyInBusiness #NavigatingChallenges #BounceBackLoan #FraudUpdate2024 #FinancialFraud #BusinessLoans #LoanFraud #LegalInsights #ScamPrevention #FinancialSecurity #BusinessCompliance #LatestNews