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Banking & Financial Services - Sector
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As a nominee, you have informed the death of your father.Please be clear that you have the right to give a discharge to the bank only when they are accepting the claim and ready to make the payment. Until then you have to wait. There is no point in blaming them as they have got limits to settle claims on the spot.
To get the claim processed, you have to present the under mentioned documents. First ensure yourself that there is no change in nomination at the time of death for your father`s accounts. Permit me to say that there is "no attachment from ITO or competent court of your jurisdiction or counter claims from other relatives,if any."
1.Death certificate issued by the local municipality or corporation
2. Legal heirship certificate of the deceased. It should include your name along with others.
3.The deceased is your father. So if his mother is alive( as per Hindu law) she is eligible for a share and hence she should support your claim.
4. Letter of authoraisation to pay the residual money with accrued interest if any, by all the legal heirs,to you by name, as declared in the nomination registered in the bank record/in the pass book.
5.According to the claim amount, they may call for succession certificate also. If the amount is small, the manager can pass orders,for paying the nominee even on the basis of an indemnity bond, stamped as per state stamp act.
6. IF ANY OF THE LEGAL HEIRS IS/ARE NOT ALIVE, THEIR DEATH CERTIFICATE(S) MAY BE CALLED FOR. In the case of your grand mother it is absolutely essential.
If the bank has any objections and hence not replying you, there may be a counter claim through an advocate. But they have an obligation to inform that fact to you, advise you to get the court orders and will not make the payment. They must sent a letter to you .
The banks also have an obligation to settle or decline a claim with in 90 days. Don`t gain an impression that you will be paid just like the bearer of an uncrossed cheque drawn in you favour. You say you are a nominee. You can give a discharge and collect the money only after your claim is accepted. Ombutsman can be approached only after getting a reply from the bank.
I wish all readers should see that their deposits and accounts are having proper nominations duly registered in the books of Banks accounts and LIC/insurance poilicies. Nominations does not confer a right to own all the money for himself. Banks/LIC can get a discharge from him/her to make the payment and the nominee has got an obligation to proportionately make payments to the other legal heirs when the claim payment is collected.
Above all please note that all people are good and will be helpful in dealing with a death-claim and kindly deal with the bereaved family. with due apology, I request you tobe calm and polite in your approach. I am a senior citizen and hence please take my advice earnestly.
sl...
In reply to:
Do you feel safe about your bank deposits?
Posted by :
keerthi
Your view is some what correct. Here the Bank in all quarters right from Branch Level to MD level not replied my letters eventhough I have writtenly nominated to receive amount after the death of depositor. The legal heirs question does not arise. Any legal judgements refraining make payments, available may be informed. 
Tracked by: 1 Boarder
Your view is some what correct. Here the Bank in all quarters right from Branch Level to MD level not replied my letters eventhough I have writtenly nominated to receive amount after the death of depositor. The legal heirs question does not arise. Any legal judgements refraining make payments, available may be informed....
In reply to:
Do you feel safe about your bank deposits?
Posted by : Guest
To keerthi
I understand from the two posts, that you are trying to collect some balance lying in credit, as a nominee.
If I am correct, please read further.
Nominee is the right person to give a discharge and collect the balance,for and on behalf of all legal heirs. fir this you must get a legal heir ship certificate. The banks staff will normally helpfull. You should meet the executives only as other staff are not competent to deal with your claim.
First report the case and request the forms as nominee. They will provide them free of cost. If that is a private bank, the branch will refer the case to their central office only. For PSU banks, the managers have a limit to pay directly after collecting the forms.
If you tell me the nature of claim and status as nominee, bank(s) name and state in which the bank is situated, (law is different for muslim), I can try to give you more points.
v.krishnamoorthy
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Government is likely to conduct a review of its policy that allows Public sector units (PSU) to park upto 30% of their surplus funds in equity-linked public sector mutual funds (MF), reports Economic Times.
This move comes after a large number of PSU`s started pulling out their investments from the public sector fund houses fearing that the value of their investment may fall due to following value of Investment.
The government is coming up with new guidelines that will specify the percentage of the surplus to be invested in equity-linked mutual funds. This proposal is being considered by various government agencies and PSUs. The PSU`s have large cash surpluses, Finance ministry fears that without fixed guidelines the PSU`s can fall a prey in the current market conditions in absence of sound investment guidelines.
Various PSUs such as Nalco, NTPC and SAIL had invested in various public sector mutual funds such as fixed maturity plans of UTI and SBI. Some companies such as NTPC had withdrawn over Rs 10 billion from these funds fearing the market crash. According to a Crisil study, blue-chip PSUs, which include both navratnas and miniratnas, have Rs 2,000 billion of surplus cash.
The government had allowed navratna and miniratna companies to invest 30% of their surplus in public sector mutual funds last year. The companies were given the power to invest in both equity-linked and debt schemes. The government now plans to review the situation every three months due to current volatility in the markets.
For information,with regards
rvk41...
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The International Monetary Fund (IMF) and the Financial Stability Forum (FSF) are likely to co-operate and to provide an early-warning system in an effort to prevent future financial crises.
The FSF is an international group that includes central banks, the IMF and other financial and regulatory bodies that was tasked last year with drawing up an initial response to the unfolding crisis sparked by the collapse of the US subprime mortgage market.
``The financial crisis has underscored the importance of international coordination both in responding to the crisis and in developing and implementing policies for a sounder financial system``, the IMF and the FSF said in a joint letter to the Group of 20 (G-20) industrialized and emerging countries.
The FSF includes the heads of finance, central banks and financial regulatory authorities of 12 major economies, as well as international institutions including the IMF, the World Bank and the European Central Bank, and international standards setting bodies such as the Basel Committee on Banking Supervision.
The 185-nation IMF, charged with promoting financial stability, evaluates members` economies annually and issues detailed reports on the financial system
For information,with regards
rvk41
...
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According to the Federal Bureau of Investigation (FBI), Indian American Vijay K Taneja has pleaded guilty to a massive USD 33 million mortgage fraud, reports Economic Times.
The money was apparently used to fund Taneja`s Bollywood ventures, including investment in several films, the investigating agency said.
The US District Court in Alexandria has scheduled the sentencing in the case for January 30. A resident of Fairfax, Virginia, Taneja faces 20 years of incarceration and a fine of USD 500,000, which is the penalty for conspiracy to commit money laundering.
FBI said Taneja, 47, was involved in a massive mortgage fraud scheme through his company Financial Mortage (FMI), which originated and sold mortgages on residential properties in and around the Washington area.
A large number of Indian Americans in and around Washington area have been a victim of his mortgage fraud
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rvk41...
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The Reserve Bank of India (RBI) has asked banks to undertake a fresh financial viability study of seven infrastructure projects, including one from GVK industries, as their operations have already been considerably delayed.
After the projects are found to be eligible for restructuring, they would not be categorized as non performing assets (NPAs), even if they are bad debts at the time of such restructuring, RBI said.
These projects are Nandi Economic Corridor Enterprises, GVK Industries, Gautami Power, Konaseema Gas Power, New Tirupur Area Development Corporation, Vemagiri Power Generation and Delhi Gurgaon Super Connectivity.
Indian Bank Association (IBA) has given a list of these projects to RBI to seek special regulatory treatment for asset classification.
As per the current norms, the advances by banks and financial institutions to infrastructure projects can be treated as sub-standard assets if the date of commencement of commercial production or operation extends two years beyond the date of completion of the project, as envisaged at the time of tying up the loan.
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rvk41...
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Why is GM going bust and not Toyota or Honda?...
In reply to:
Unitec near term range 30-45....
Posted by : marketman
Did any one expressed doubts on lehman/AIG/GM,a year ago....? if icici gets fail,how can similar model like hdfc survive?!
Unitec near term range 30-45....
Posted by : marketmanTracked by: 0 Boarder
Did any one expressed doubts on lehman/AIG/GM,a year ago....? if icici gets fail,how can similar model like hdfc survive?!...
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Banking and Finance sector would be the last sector to be beaten down. Once SBI start trading around 800, it will be the signal of end of Bear Market....
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Today Reliance Capital Sacked 7 more employee ...
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Mutual fund investors pulled out as much as Rs 47,000 crore in October -- the highest redemption from MF schemes in a month so far this fiscal -- triggered by the meltdown in equity markets.
At the end of October, investors redeemed funds worth Rs 46,793 crore, with maximum of withdrawals coming in in fixed income plans, a monthly report by Association of Mutual Funds of India (AMFI) said.
The redemptions in mutual fund schemes have been on an increase in the current fiscal, and in September they had witnessed withdrawals to the tune of Rs 45,655 crore.
Fixed income plans, with assured returns annually, saw a maximum pullout of Rs 52,820 crore as on October, followed by equity funds investing in stocks worth Rs 706 crore.
Analysts said fixed maturity plans have witnessed panic redemption in October on concerns about the credit quality of debt papers held by these schemes.
However, liquid or money market schemes, with higher liquidity and short maturity period was the flavour with investors as the scheme witnessed repurchases worth Rs 3,256 crore.
In contrast, last month the liquid scheme witnessed a redemption of Rs 19,675 crore, following fixed income plans, which had witnessed redemption pressure of Rs 26,665 crore in September.
Analysts said the plunge in the stock market and huge redemptions in liquid schemes by corporates and banks has led to the sharp decline in assets of fund houses.
The combined assets under management of the mutual fund industry saw an 18 per cent fall in October, dipping below the Rs five-trillion mark for the first time this year. "The sharp fall of about 25 per cent in valuations of stocks in the secondary market and redemptions in equity as well as liquid schemes, and lack of any fresh inflows have led to the decline in the assets under management in the past month," Taurus Mutual Fund Director R K Gupta said.
Also, Gilt funds, which invest in government securities, and Gold Exchange Traded Fund saw inflows of Rs 3,725 and Rs 140 crore, respectively.
Gilt funds are mutual fund schemes floated by asset management companies with exclusive investments in government securities.
According to data on the Securities and Exchange Board of India website, mutual funds have been net buyers to the tune of Rs 1,432 crore in equities in October.
The combined average assets under management (AUM) of the 35 fund houses in the country saw an erosion of over Rs 97,000 crore and dropped to Rs 4,31,901.42 crore at the end of October.
Source H T,with regards
rvk41...
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Mutula funds will be under tremendous pressure due to collapsing of stock markets.... heavy redemptions expected in coming days.... people may avoid investing thro mutual funds at least in the near term.... so,no fresh inflows and huge out flows may suffer this sector severely in coming days.... pent of job losses will be seein in this section in coming few days......
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RBI cancels licence of Amravati-based urban co-op bank
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MUMBAI: The Reserve Bank on Tuesday said that it has cancelled the licence of The Achalpur Urban Co-operative Bank of Amravati.
The action was taken since it had ceased to be solvent and all efforts to revive it in close consultation with the Government of Maharashtra had failed and that depositors were being inconvenienced by continued uncertainty, a press release issued here said.
The Reserve Bank delivered the order cancelling its licence to the bank after the close of business on November 4, the release said.
The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up of the bank and appoint a liquidator for it.
Consequent to the cancellation of its licence, The Achalpur Urban Co-operative Bank is prohibited from carrying on `banking business\` as defined in Section 5 (b) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) including acceptance and repayment of deposits.
The apex bank said that on liquidation, every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs 1-lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
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The declining of business volumes due to economic slowdown, the Indian arms of global banks have started cutting jobs due to the economic slowdown. Some of the bigger foreign banks having banking operations in India have also started reducing the number of employees in their consumer banking operations.
Goldman Sachs on Thursday slashed its workforce in its Mumbai office by close to a dozen. Goldman Sachs has also lowered its headcount by close to 30 officials in its outsourcing arm in Bangalore. Goldman has said that globally it would cut close to 10% of its workforce. Credit Suisse has also slashed some jobs in the country. A Credit Suisse official spokesperson said, "Due to market conditions and projected staffing levels required to meet client needs, we are reducing our global headcount by approximately 500 across our investment banking division and certain support functions."
Both these firms other than equity and support functions, have also cut jobs in the investment banking business. Goldman Sachs has also reduced the number of staffers in its principal investment business. Credit Suisse is also said to have put on hold its plans for AMC business.
Merrill Lynch, which had earlier told 20 of its staffers to go, now has laid off more officials in a second round exercise. HSBC is also said to be looking at downsizing its staff in personal loan, credit card and some of the other segments.
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What is your view on ICICI bANK AND Unitech...
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