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JAIIB-MACMILLAN EBOOK-Principles and Practices of Banking.pdf

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www.jaiibcaiibmocktest.com Facebook Groups - JAIIB CAIIB STUDY MATERIALS - CAIIB DISCUSSION murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 www.jaiibcaiibmocktest.com murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 We don't own any of the contents given in this eBook. They are just extract of the Macmillan books. PRINCIPLES & PRACTICES OF BANKING INDIAN INSTITUTE OF BANKING & FINANCE 'THE ARCADE
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  www.jaiibcaiibmocktest.com  Facebook Groups - JAIIB CAIIB STUDY MATERIALS -   CAIIB DISCUSSION murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 www.jaiibcaiibmocktest.com  murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 We don t own any of the contents given in this eBook. They are just extract of the Macmillan books.   PRINCIPLES & PRACTICES OF BANKING INDIAN INSTITUTE OF BANKING & FINANCE 'THE ARCADE', WORLD TRADE CENTRE, CUFFE PARADE MUMBAI 400 005 Established on 30th April 1928 MISSION ã  To develop professionally qualified and competent bankers and financial  professionals primarily through a process of education, training, examination, consultancy/counseling and continuing professional development programs. VISION ã  To be the premier Institute for developing and nurturing competent professionals in  banking and finance field. OBJECTIVES ã  To facilitate study of theory and practice of banking and finance. ã  To test and certify attainment of competence in the profession of banking and finance. ã  To collect, analyse and provide information needed by professionals in banking and finance. ã  To promote continuous professional development. ã  To promote and undertake research relating to Operations, Products, Instruments, Processes, etc., in banking and finance and to encourage innovation and creativity among finance professionals so that they could face competition and succeed. COMMITTED TO PROFESSIONAL EXCELLENCE Website: www.iibf.org.in PRINCIPLES & PRACTICES OF BANKING (For JAIIB/Diploma in Banking & Finance Examination) MACMILLAN 2nd Edition Indian Institute of Banking & Finance  www.jaiibcaiibmocktest.com  Facebook Groups - JAIIB CAIIB STUDY MATERIALS -   CAIIB DISCUSSION murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 www.jaiibcaiibmocktest.com  murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 © INDIAN INSTITUTE OF BANKING & FINANCE, MUMBAI, 2005, 2008 (This book has been published by Indian Institute of Banking & Finance. Permission of the Institute is essential for reproduction of any portion of this book. The views expressed herein are not necessarily the views of the Institute.) All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First edition, 2005 Second edition, 2008 Reprinted, 2008, 2009(twice) MACMILLAN PUBLISHERS INDIA LIMITED Chennai Kolkata Bangalore Bhopal Chandigarh NewDelhi Coimbatore Cuttack Hubli Hyderabad Jaipur Lucknow Madurai Mumbai Nagpur Patna Punc Siliguri Thiruvananthapuram Viskhapatanam. Companies and representatives throughout the world ISBN 10: 0230-63611-X ISBN 13: 978-0230-63611-8 Published by Rajiv Beri for Mucmillan Publishers India Limited and Printed by S.M Yogan at Macmillan India Press, Chennai r 600 041 PRINCIPLES & PRACTICES OF BANKING Originally prepared by A.M. Arundekar (Module A), O.P. Agarwal (Module B), Dr. Onkar  Nath (Module C), P.S. Khandelwal (Module D) under the guidance of T.S. Radhakrishnan. Revised and updated by D. Srinivasan (Module A), R. Malayarasan (Module B), V. Radhakrishnan & V. Suresh (Module C), Praveen Kumar & H.M. Prathiba (Module D) all faculty at IMAGE, Chennai under the guidance of N.C. Rao, Asst. General Manager, Indian Bank, Chennai & Dr. U.A. Balasubramanian, Faculty, IMAGE, Chennai. Glossary prepared by Mr. B.S. Khubchandani; Former Chief Manager, Bank of India. This book is meant for educational and learning purposes. The author) s) of the book has/have taken all reasonable care to ensure that the contents of the book do not violate any existing copyright or other intellectual property rights of any person in any manner whatsoever. In the event the author(s) has/have been unable to track any source and if any copyright has been inadvertently infringed, please notify the publisher in writing for corrective action. FOREWORD The world of banking and finance is changing very fast and banks are leveraging knowledge and technology in offering newer services to the customers. Banks and technology are evolving so rapidly that bank staff must continually seek new skills that enable them not only to respond to change, but also to build competence in handling various queries raised by customers. Therefore, there is a need for today's bank employees to keep themselves updated with a new set of skills and knowledge. The Institute, being the main provider of banking education, reviews the syllabus for its associate examinations, viz., JAIIB /CAIIB and various other examinations with the help of Expert Groups from time to time to make the contents relevant and contemporary in nature. The latest revision has been done by an expert group under the Chairmanship of Prof. Y.K. Bhushan. This book and the other two books mentioned below are the courseware for JAIIB  www.jaiibcaiibmocktest.com  Facebook Groups - JAIIB CAIIB STUDY MATERIALS -   CAIIB DISCUSSION murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 www.jaiibcaiibmocktest.com  murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 which aims to impart up-to-date knowledge in the field of banking and finance with a view to equipping the bankers to face the emerging challenges of today and tomorrow. As there is a growing demand for qualified manpower in the banking sector with accent on  banking knowledge and skills, together with technology-familiarity, customer-orientation and hands-on application skills which will substantially reduce the training intervention at the  bank level before/ immediately after they are employed, the institute has launched the Diploma in Banking & Finance (DBF) in 2007 for graduation-plus level candidates. Candidates to the course will get extensive and detailed knowledge on banking and finance and details of banking operations. The Diploma is offered in the distance learning mode with a mix of educational support services like provision of study kits, contact classes, etc. The key features of the Diploma is that it aims at exposing students to real-life banking environment and that it is equivalent to JAIIB. The JAIIB and the Diploma in Banking & Finance has three papers, viz. 1. Principles & Practices of Banking 2. Accounting & Finance for Bankers 3. Legal & Regulatory Aspects of Banking This book, the courseware for the first paper on Principles & Practices of Banking, starts with an overview of Indian financial system and covers deposit, remittances, collection and allied services with greater emphasis on day-to-day operations in addition to the law related thereto. Special focus is on retail banking which takes the participants through the concepts and  processes of retail deposit and credit products in great detail. Marketing of Bank products have been covered in length. Aspects such as insurance, mutual funds, credit cards, etc., have also been covered. The flow of transactions in a centralised (computerised) operating environment and delivery of services through multiple channels have been given adequate coverage to make the participants aware of the latest banking environment and practices. The Institute had constituted teams consisting of eminent bankers and academicians to  prepare the reading material for all the subjects as self-instructional study kits obviating the need for the intervention of a teacher. This book represents the outcome of this endeavour to  bring out self-contained comprehensive courseware/book on the subject. The Institute acknowledges with gratitude the valuable services rendered by the authors in preparing the courseware in a short period of time. The team, who developed the book, have made all efforts to cover the entire syllabus  prescribed for the subject. However, the candidates could still refer to a few standard textbooks to supplement this material which we are sure, will enhance the professional competence of the candidates to still a higher degree. We have no doubt that the study material will be found useful and will meet the needs of the candidates to prepare adequately for the examinations. In addition, we are sure that these books will also prove useful to  practitioners, academicians, and other interested readers. We welcome suggestions for improvement of the book. Mumbai 3-7-2008 R. Bhaskaran Chief Executive Officer  www.jaiibcaiibmocktest.com  Facebook Groups - JAIIB CAIIB STUDY MATERIALS -   CAIIB DISCUSSION murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 www.jaiibcaiibmocktest.com  murugan0501@gmail.com, admin@jaiibcaiibmocktest.com, 09994452442 RECOMMENDED READING The Institute has prepared comprehensive courseware in the form of study kits to facilitate  preparation for the examination without intervention of the teacher. An attempt has heen made to cover fully the syllabus prescribed for each module/subject and the presentation of topics may not always be in the same sequence as given in the syllabus. Candidates are also expected to take note of all the latest developments relating to the subject covered in the syllabus by referring to Financial Papers, Economic Journals, Latest Books and Publications PAPER 1 - PRINCIPLES & PRACTICE OF BANKING. The candidates would be able to acquire an in-depth knowledge of the following: ã  Various functions associated with banking. ã  Practice and procedures relating to deposit and credit, documentation, monitoring and control. ã  An insight into marketing of banking services and banking technology. MODULE A - INDIAN FINANCIAL SYSTEM
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