Banking Part 4

• Negotiable Instruments/Cheques/BoE/PN
incl sec 138

• KYC and AML

• PSL

• E- Banking

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 Negotiable Instruments- Key
aspects to be known by banking
students
Negotiable Instruments Act-
Relevant aspects

Negotiable Instruments Act: -Basics of negotiable

instruments act , Promissory Notes, Bill of Exchange
Cheque -Rules related to cheques, Clearing cycle
Sec 138

Outcome: Students should be able to comprehend the

role of negotiable instrument in Banking and the
respective rules.

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NI Act, 1881

⚫ An Act/ Law relating to Negotiable Instruments.

⚫ As per the Act, Negotiable instruments are:
⚫ Bills of Exchange
⚫ Promissory Notes
⚫ Cheques
⚫ That are payable either to order or to bearer.
Some/ Key - CHARACTERSITICS of a Negotiable Instrument
⚫ NI have to be in writing and have to be dated
⚫ Amount and Payee has to be certain (The reason why currency
is not a NI)
⚫ Unconditional Promise or order to pay money
⚫ Consideration- For BoE/PN (value received), for cheque it is
assumed and onus for proving lack of consideration (for cheque)
is on the drawer.
⚫ Transfer by endorsement and delivery or mere delivery
Promissory Note- Draft Format

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 Promissory Note

A "promissory note" is an instrument in writing (not being a bank-note or a

currency-note) containing an unconditional undertaking, signed by the
maker, to pay a certain sum of money only to, or to the order of, a certain
person, or to the bearer of the instrument.
Essential of a Promissory note
In Writing
Promise to pay
Definite and unconditional
Signed by the maker
Certain parties
Certain sum of money
Promise to pay money only
Currency notes are not promissory notes
May be payable on demand or after definite period of time
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Bill of Exchange- Format

Bills are
discounted in
Banking
Products

A bill of exchange contains an order from creditor (drawer) to

the debtor (drawee) to pay the creditor or his order (payee)
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 Bill of Exchange
A "bill of exchange" is an instrument in writing containing an unconditional order,
signed by the maker, directing a certain person to pay a certain sum of money only
to, or to the order of, a certain person or to the bearer of the instrument.

Features of a BoE : A bill of exchange must feature the following:

1) It must be a written document
2) It must name all relevant parties
3) It must be addressed from one party to another
4) It must bear the signature of the party giving it
5) It must outline the time when the money is due
6) It must outline the amount of money that must be paid

Typically has three parties :

The drawer: the party who writes the bill and orders the money be paid
The drawee: the party who is required to pay
The payee: the party who is due to be paid

That means the drawer who demands the money in the first place is not necessarily
the one due to be paid.
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 Rationale for Bill of Exchange/PNs ?
• In business, bills of exchange and promissory notes are just as significant as
cheques.
• However, these concepts, which are essential for commercial transactions and
financing reasons, are rarely discussed.

• When a debtor acquires items on credit, bills of exchange are one of the
most important negotiable documents.
• The creditor sends a bill of exchange to the debtor, instructing him to pay
the amount within the specified time frame.

• The promissory note is similar, but it is issued by the debtor and states
that he will pay the requisite amount within a certain time frame.

These principles will help you understand business from a practical standpoint, and
you will be able to use them in your own business or employment.

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 Advantages of Bills of Exchange and
Promissory Notes

Followings are the important advantages of Bills of Exchange and

Promissory Notes −
•Facilitation of the credit transactions is helpful in increasing the size
of business.
•Both are the proof of purchase of goods or services in credit.

•Being a legal document, both can be produced in a court, in case of

its dishonor.
•Since date of payment is fixed, it is helpful for both debtors and

creditors; and, they may manage their payment schedule accordingly.

•In case of any urgency of payment, creditor can get the bill

discounted from the bank.

•Being a negotiable instrument, promissory note is easily transferable

from one person to another.

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 Summarising… Key Differences

Bill of Exchange Promissory Note

Definition
A negotiable instrument issued to order the debtor to A negotiable instrument issued by the debtor with a written
pay the creditor a certain sum of money within a promise to pay the creditor a certain amount within a specific
specific date or on demand. date or on demand.

They (PNs) are subject to stringent govt guidelines as if left

unchecked they could constitute private currency.
Section
Mentioned in Section 5 of the Negotiable Instruments Mentioned in Section 4 of the Negotiable Instruments Act, 1881
Act, 1881

Issued By
Creditor Debtor

Parties Involved
Three parties involved i.e a drawer, the drawee and a Typically Two parties involved i.e a drawer/maker and the payee
payee. (as in almost all cases drawee is also the payee)

Acceptance
Drawee needs to accept the bill of exchange before No acceptance required from the drawee.
payment.
 Cheque

⚫ Cheque is a bill of exchange drawn on a Specified Banker and

not expressed to be payable otherwise on Demand.

⚫ Characteristics of a cheque:
▪ It’s a bill of exchange
▪ Drawn only on a bank
▪ Always payable on demand
▪ Must contain the name of the person to whom payment to be
made
▪ Amount written must be certain and specific
▪ Should not be stale or post dated
▪ Amount in words and figures to match
Cheques

⚫ Characteristics of a cheque
▪ Contains an unconditional order to pay
▪ Payable to Bearer or to order
▪ Signed by Drawer
▪ Material alteration(s) to be authenticated by
Drawer with full signature
▪ Parties to a cheque:
▪ Drawer – Person who draws the cheque on a
Bank
▪ Drawee – Bank on which the cheque is drawn
by Drawer
▪ Payee – Person to whom the payment is to
be made
 Key aspects to know in Cheques

The MICR code consists of 9-digit and the first three-digit indicate the city code. Further, the next
three-digit signifies the bank code. Lastly, the final three-digit represent the branch code.
 Types of Cheques

⚫ Bearer Cheques:
▪ Paid to the person who possesses the Cheque
▪ Property of the cheque is transferred by mere delivery of
the instrument
▪ Bank need not verify the identity of the presenter during
payment, if cheque is otherwise in order
⚫ Order Cheques:
▪ Paid to the payee or to the order of that payee
▪ If “or bearer” is struck off the cheque becomes an order
cheque. The payee can further transfer the cheque by
endorsing the cheque
▪ Responsibility of the banker to establish identity of the
person receiving the payment against order cheque
▪ Signature of the payee need to be attested by drawer of
the cheque before its presentment for payment
Types of Cheques… Others
(Refer to Explanations in Class)

• Blank Cheque – Only Signature with or

without Name/Date

• PDC – Discuss Dates

• Cancelled Cheque

• Stale Cheque- 3 months validity

• Mutilated- Cant be processed till

confirmation of drawer is received
Types of Crossings in Cheques (examples
next slide)

◼ Crossing of cheque:
⚫ It is an instruction given to the paying banker to pay the amount
only through a Banker and not directly to the person presenting
at counter.
Types of Crossings:
⚫ General crossings:
Cheque bearing two parallel transverse lines across its face
either with words like “and company”/ ” & Co.”; “not negotiable”;
”account payee” or without such words shall be deemed to be
crossed generally.
⚫ Special crossings:
Cheque bearing across its face an addition of the name of a
Banker (and thus payable only to the payee in that particular
bank account) , either with or without the words ‘Not Negotiable’
shall be deemed to be crossed specially.
Types of Crossings in Cheques
Dishonour of a cheque

⚫ Non Payment of cheques when presented is treated

as dishonour.
⚫ Conditions when Banks can dishonour a cheque:
⚫ Payment of cheque stopped by the drawer
⚫ On receipt of a notice of customer’s death
⚫ Customer’s insolvency – On receipt of order of
adjudication from the court
⚫ On receipt of notice of the insanity of customer
⚫ Notice of assignment by customer of credit
balance in his account
⚫ Garnishee order or other legal orders attaching the
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 Importance of section 138 of NI Act

There are several cheque bounce reasons to be considered such as :

• incorrect date mentioned on the cheque,
• signature mismatch,
• mismatch of the amount and figures,
• damaged /mutilated cheque,
• overwriting of the cheque, etc.
The principal reason for a cheque bounce is insufficient funds.

⚫ Sec 138- Deals with dishonour of cheque for insufficiency, etc., of funds in
the accounts.
⚫ If the cheque drawn on an account is returned for the reason “Insufficient
Funds” (Zero funds or insufficient funds) the drawer is deemed to have
committed an offence under this section of NI Act.
⚫ Payee entitled to file a suit within 14 days
⚫ Banks need to take care to ensure that cheques are not dishonored
wrongly
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Banks Role in the Payment System
⚫ Role of Banks in Payment/ Settlement mechanism is
vital to the economic activities:
⚫ When Clearing operations are disturbed, economy
gets impacted.

⚫ Payment can be
⚫ Cash withdrawal across the counter.
⚫ Settlement of Payment to another customer -
Transfer.
⚫ Settlement to another Bank’s customer -
Clearing/Collection.

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Clearing Cycle…
Clearing and Collections
⚫ What is Clearing ?
⚫ Clearing House - Common place for settlement
⚫ Exchange cheques
⚫ Settle payment
⚫ Settlement through a Settlement Bank :
RBI, SBI conducting Clearing activities.
⚫ Upcountry cheque collection process
⚫ Where Banks have a branch
⚫ Where Banks don’t have a branch –
Correspondent Bank
 CTS- Clearing Cycle….

◼ To expedite the process of clearance of cheques, the RBI has

announced bringing all bank branches under the Cheque Truncation
System (CTS).

◼ Currently, CTS is operational in most of the clearing houses across

India.
 However, some bank branches are yet to come under its purview.

◼ Under CTS, physical cheques are retained at the presenting bank

◼ Electronic image of the cheque is transmitted to the paying branch

through the clearing house along with relevant information like data
on the MICR band, presentation date and presenting bank
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CTS- Benefits :
Remittances/Funds Transfer

⚫ Why is there a need for movement of money ?

⚫ Trade and Settlement between 2 parties

⚫ Instrument for moving money

⚫ Pay orders, DDs, Electronic Modes (NEFT, RTGS)

⚫ Over a period, with the advent of technology, approach has

been to simplify processes and reduce TATs on remittances.

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Source- PayTM FAQs

Remittances/Funds Transfer
Are Cheques still significantly
relevant ?

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Parag Shah for NMIMS- ASMOC
What is RTGS?
◼ A system to settle inter-bank and customer
transactions electronically, on a gross settlement
basis
◼ Parties involved-
 RTGS enabled –Say -My Bank- ICICI bank branch

 RTGS enabled – Other bank branch

◼ Transaction type-
 Outward RTGS: Transfer of funds from say, ICICI
bank a/c to other Bank a/c
 Inward RTGS: Transfer of funds into say, ICICI
bank a/c from other Bank a/c
eg : Outward RTGS Process flow

Transaction slip Credit of funds

Payer’s RBI Payee’s Payee’s

Payer bank account
bank Server

Electronic message Electronic message

DEMAND DRAFT/ PAY
ORDER
DEMAND DRAFT
What is a Demand Draft ?
◼ Demand Draft
 An instrument that contains an order of one
branch of a bank (drawer branch)
 directing another branch of the same bank
(drawee branch)
 to pay on demand a certain sum of money

 to a specified beneficiary (payee) or

 to the order of the payee”

◼ Drawee branch
 can also be a branch of another bank
Players involved in a DD
transaction
DEMAND DRAFT
PAY ORDER
What is a Pay Order ?

◼ Pay Order, or Bankers Cheque

◼ Pay Order is payable at the same centre / branch

from which it was issued

◼ Issuing branch [drawer branch] and paying branch

[drawee branch] is one and same

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Players involved in a Pay Order transaction

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PAY ORDER

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DD / Pay Order

◼ Both are prepaid instruments

◼ Usually cannot be dishonoured – Thus Safer
◼ Pay order can be cleared in any branch of the bank in the same city
whereas demand drafts at cleared at any branch of the same bank. Ie. Demand
drafts can be used to make payment to a different state as well and in case
a person has to make payment within the city then they should go for the pay
order.
◼ These mechanisms of payment usually require visiting the branch of the bank.
Still these instruments are required as many colleges and schools prefer these
instruments compared to cheques as there is no possibility of dishonoring these
instruments

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 Class Participation Time

◼ Key Trends
◼ Learnings from the previous Slides
 Corporate- Real life Examples

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Other Key banking concepts :

$ KYC and AML

$ PSL

$ E- Banking
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KYC, AML, PSL, and E banking

⚫ Compliance & E Banking: -Section 138 (Covered

Earlier) -
⚫ KYC & AML & Priority Sector Advances
⚫ Electronic banking
Outcome: Students to understand the shift of banking
towards electronic interface.

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 KYC, AML….
• Anti money laundering (AML) refers to the web of laws,
regulations, and procedures aimed at uncovering efforts to disguise illicit
funds as legitimate income.

• Money laundering seeks to clean dirty money . They conceal crimes

ranging from small-time tax evasion and drug trafficking to public
corruption / Bribery and the financing of groups designated as terrorist
organizations.

• Criminals use money laundering to make illicit funds appear to have a

legitimate origin.

• AML regulations require financial institutions to develop sophisticated

customer due diligence plans to assess money laundering risks and
detect suspicious transactions

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 Next slide….

How is Money Laundering done….

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Tools to Counter AML : PMLA
◼ PMLA

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•Placement : Deposit of illicit funds / cash into the financial system. Money
launderers often funnel illicit funds through associates’ cash-generating businesses,
or by inflating invoices in shell company transactions. Here the funds may enter
banking system in a manipulative way that fraud is tough/unable to be found.

•Layering : Transactions designed to conceal the illicit origin of the funds, known
as "layering".
•Layering transactions are money transfers designed to disguise the source of
illicit funds.
•In process of layering funds may also be trfd to banks/institutions in foreign
countries that have various secrecy laws in place (Mauritius, Cayman Island,
Switzerland, Afghanistan, Kenya, Yemen etc
•Structuring, or smurfing, refers to the practice of breaking up a large transfer
into smaller ones to evade reporting limits and AML scrutiny.
•Integration : Use of laundered funds to acquire real estate, financial instruments /
Crypto / Digital Currency / or through capital markets or commercial investments.
PMLA, FATF,
KYC

Keeping records of
customer identity
and transactions

Using Big data, AI,

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ML
Some Tools to Counter AML : KYC
◼ The KYC process also requires banks and brokers to screen new
customers against lists of crime suspects, individuals and companies
under economic sanctions, and "politically exposed persons"—foreign
public officials, their family members and close associates.
◼ What is KYC ? What Constitutes KYC- Explanation in class
(Individual/Joint Borrowers/Partnership/Company).

◼ CDD- Customer due diligence is integral to the KYC process, for

example by ensuring the information a potential customer provides is
accurate and legitimate. But it is also a constant process extending to
customers old and new, and their transactions.
◼ Corporate Examples : Real estate, Bullion, PEP (Politically
Exposed Person)
◼ CDD is ongoing assessment of the risk of money laundering posed by
each client and the use of that risk-based approach to conduct closer
due diligence for those identified as higher non-compliance risks. That
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includes identifying customers as they are added to sanctions and
other AML lists.
 Tools to Counter AML : PMLA
◼ Money Laundering refers to the conversion or misrepresentation of money which has
been illegally obtained by unlawful sources and methods.
 It is a criminal offence in India and charges in this instance refer to statutory
provisions of the Prevention of Money Laundering Act, 2002. (PMLA)

◼ The PMLA is applicable to all persons which include individuals, companies, firms,
partnership firms, associations of persons or incorporations and any agency, office
or branch owned or controlled by any of the above-mentioned persons.

◼ Money Laundering Redefined (In amendment to Act): The amendment seeks to treat
money laundering as a stand-alone crime.
• Under Section 3 of PMLA, the person shall be accused of money laundering if in any
manner that person is directly or indirectly involved in the proceeds of the crime.
• Concealment, Possession , Acquisition, Use or projecting as untainted
property.
• See next slide

• Penalty- Next slide Parag Shah for NMIMS- ASMOC

Tools to Counter AML : PMLA
amendment

◼ PMLA

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Tools to Counter AML :- FATF

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 (Priority sector lending)
PSL
PSL means those sectors which the Government of India and Reserve Bank of
India consider as important for the development of the basic needs of the
country and are to be given priority over other sectors. The banks
are
mandated to encourage the growth of such sectors with
adequate and timely credit. (Remember:Qualitative
Monetary tools of RBI)

◼ Categories of Priority Sector

1. Agriculture incl Ancillary Agri
2. Micro, Small and Medium Enterprises
3. Export Credit
4. Education (upto 20 lacs)
5. Housing ( <=35 lacs for 45 lacs -Metros and <=25 lacs for 30 lacs for Non metros)
6. Renewable Energy
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7. Others
 PSL regulations- RBI
Domestic scheduled commercial banks and foreign banks with
Categories There are similar
20 branches and above norms for Foreign
Banks/RRBs etc..

40 per cent of Adjusted Net Bank Credit ( Bank credit net of

Total Priority
resiscounted bills / NON SLR securities etc) or Credit Equivalent
Sector
Amount of Off-Balance Sheet Exposure, whichever is higher.

18 percent
Agriculture Within the 18 per cent target for agriculture, a target of 8 percent is
prescribed for Small and Marginal Farmers.##
Micro
7.5 percent
Enterprises
Advances to
Weaker 12 percent
Sections

Weaker section includes categories such as small and marginal farmers/ artisans / SC/ST/ SHG/
Individual women beneficiary upto Rs 1 lacs, Minority community as notified etc etc
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 E- Banking
◼ Electronic banking aka online banking is to make banking operations
convenient and simple, excluding the necessity of paperwork, visiting
brick-and-mortar facilities
◼ There are various services that e-banking can provide to their
customers. These services are divided into two main types – retail
electronic banking and wholesale electronic banking.
◼ Retail electronic banking is personal banking. It provides financial
services to individuals and can include such services as ATM, credit and
debit card management, point of sale, check transactions, retail
automated clearinghouse, and others.
◼ Wholesale electronic banking services are provided for large clients like
banks, corporations, financial institutions, and others. With wholesale
banking, these organizations can manage their cash, perform wire
transfers, fulfill corporate automated clearinghouses, and others.

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 E- Banking
◼ After demonetisation in 2016, digital banking has grown at a faster pace. Indian
banks have launched their internet banking and mobile banking websites to
facilitate the customers with online availability of almost all banking products.

◼ With pandemic consequences in mind, McKinsey&Company has found out that

15-20% of global bank customers in Italy, Spain, and the US are expecting to use
even more digital channels to interact with their banks after the crisis, and in
other parts of the world this number is forecasted to increase to 5-13%.
Moreover, from 60 to 85% of Western European bank clients are ready to handle
their daily transactions digitally, even the customers aged 65 and older.

◼ McKinsey&Company predicts that this may result in the reduction of banking

branches to 25%, transformation or removal of call centers to 30%, while the
provision of remote advising even on complex needs will rise up to 35%.
 WAIT TILL YOU HEAR THE INDIA STORY AND ITS STRIDES IT HAS MADE

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 Advantages : E- Banking

A. Availability And accessibility

B. User friendly
C. Convenience
D. TAT- Quick and Secure
E. History of transactions and digital records /Proper
track of transactions

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 E- Banking

Services Provided through E-banking in India

ATMs (Automated Teller

Telephone Banking
Machines)
Emerging products(its
Mobile Banking
constantly evolving)
Door-step Banking Bill Payment
Shopping Cards/Smart Cards
Internet Banking Internet Banking
Electronic Funds Transfer Electronic Clearing Services
Telebanking Investing
A/c Opeing/CASA/FDs Insurance

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India : E Banking (Report Dec 2021)

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India : E Banking

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What is traditional lending…

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Forms of Digital Lending

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But what is Alternate Lending/ Credit Decision Model

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 Well Known Frauds in E banking
1. How does Phishing hacks work
Fraudsters create a phishing website that appears to be a legitimate website, such as a
bank's website, an e-commerce website, a search engine, and so on.
- Fraudsters distribute links by SMS, social media, email, etc..
- Many clients click on the link without checking &enter security credentials
2. How does Vishing work
imposters acting as bankers, firm executives, insurance agents, government officials, and
others call or approach customers over the phone or over social media.
- Imposters disclose facts, such as the customer's name or DOB, to win trust.
- Imposters trick customers into sharing confidential information
3. ATM card skimming
Skimming devices are installed in ATM machines by fraudsters who take data from the
customer's card.
- Fraudsters may also install a dummy keypad or a small / pinhole camera, well-
hidden from plain sight to capture ATM PIN.
- This data used to create a duplicate card and withdraw money from the A/c
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 Newer Frauds in E banking

• 4. SIM swap or SIM cloning

- In cases like SIM swap or SIM cloning, Fraudsters obtain a duplicate SIM card
(including electronic-SIM) for the registered mobile number linked to the customer's
bank account by gaining access to the customer's SIM card

- Fraudsters use the OTP received on such duplicate SIM to carry out unauthorised
transactions.
- Fraudsters generally collect the personal info by posing as a telephone / mobile
network staff and request the customer details in the name of attractive offers such as -
to free upgrade of SIM card or provide additional benefits on the SIM card

- 5. Scam through QR code scan

Fraudsters often contact customers under various pretexts and trick them into
scanning Quick Response (QR) codes using the apps on the customers’ phone.

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 Newer Frauds in E banking

• 6. Smishing is a form of phishing that uses mobile phones as the

attack platform. The criminal executes the attack with an intent to gather
personal information, including social insurance and/or credit card numbers.
Smishing is implemented through text messages or SMS, giving the attack the name
“SMiShing.”

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 Tips to avoid falling prey to fraud

-Banks or NBFCs never ask for your sensitive information like bank details or Aadhaar on call,
email, SMS, WhatsApp etc. You should never give such information to unknown agents.

-Be careful while using banking websites as fraudsters create similar looking websites with
identical web addresses. You should always check that the website starts with HTTPS and not
HTTP.

-Scammers also create fake banking apps that look like authorized banking apps. Therefore, you
should download the app by scanning the QR code or visiting the link from a trusted source.

-Use a secure internet connection and avoid public Wi-Fi in crowded places like cafes, malls, etc.

-Always avoid sharing your online account or internet banking details with anyone.

- Don’t give OTPs or scan QR for receiving funds (this is for payments/receipts)

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 Tips…Cont…

-Protect your gadgets with updated antivirus software.

-Always be cautious and look for red flags when giving any of your details online for
any reason.

-Stay updated with cybercrime news so that you are aware of new fraud techniques.

-Change your PIN and password after a certain interval.

-When you submit copies of your KYC documents to the financial lender, mention
the date and reason in the space below your self-attestation.

-Do not click on links or attachments received via email from an unknown source.

-Cut out multiple copies of documents you no longer need.

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 Banking Part 5…What to
expect….
➢ Correspondent Bank Accounts- Nostro Vostro
➢ NPAs

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