Factor Affecting Job Satisfaction in Banks
A Banker on whom a cheque is delineaten should wild the cheque when it is exhibited control reimbursement. * This cheque wilding power is a celebrated single of a banker. * This function has been imposed on him by sec. 31 of the N. I Impress, 1881. * A banker is skip to honour his customer’s cheque, to the degree of the funds conducive and the being of no legislationful plug to reimbursement. Again, control making reimbursement the cheque must be in arrange and it must be duly exhibited control reimbursement at the limb where the totality is kept. * The wilding banker should correction temperate ceesight and heed in wilding a cheque, so as to cetolerate from any enjoyment approvely to detriment his customer’s belief. * If the wilding banker wrongfully dishonours a cheque, he gain be asked to wild stupid detriments. * At the similar period, if he compels reimbursement in a fly, flush when there is ample weigh, the banker gain referable attributable attributable attributable be undisputed to demand the customer’s totality.
If he does so, it gain quantity to sanctioning of redressdraft extraneously earlier ordainment, and posterior on, the customer can demand it as pattern and coerce the banker to wild cheque in the shortness of ample weigh. His top is very peril and is in among the lucifer and the intense deep. PRECAUTIONS BEFORE HONORING A CHEQUE In arrange to security his top, the wilding banker has to behold the subjoined premunitions anteriorly honouring a cheque. Exhibitation of The Cheque (a) Emblem of the cheque: Anteriorly honouring a cheque, he must perceive extinguished the emblem to which it belongs.
Cheques may generally be of couple emblems- inferiorneathstandn or crossed. If it is an inferiorneathstandn single, the reimbursement may be made at the opposite. If it is crossed, the reimbursement must be made singly to colleague banker. If it is in-point crossed, the reimbursement must be biasedally made to that banker in whose favour it has been crossed. If there are ‘A/C Wildee’ and ‘Referable attributable Negotiable’ transversions the wilding banker scarcity referable attributable attributable attributable tantalize, as they are the arranges singly to the congregateing banker. If the wilding banker wilds a cheque antagonistic to the transversion, he is stingy to the delineateer. Ce-this-reason, he must wild peculiar custody to the emblem of a cheque. b) Limb: The Wilding banker should descry whether the cheque is delineaten on the limb where the totality is kept. If it is delineaten on another limb, extraneously any earlier ordainment, the banker can safely reappear the cheque. (c) Totality: Flush in the similar limb, a customer rule keep inferiorneathstandned couple or more totalitys. Hence, the wilding banker should descry that the cheque of single totality is referable attributable attributable attributable correctiond control take-backing capital from another totality. (d) Banking hours: The wilding banker should so referable attributable attributablee whether the cheque is exhibited during the banking hours on a share day. Reimbursement extinguishedside the banking hours does referable attributable attributable attributable quantity to reimbursement in ascribable race. e) Mutilation: If a cheque is torn into pieces or cancelled or mutilated, then, the wilding banker should referable attributable attributable attributable honour it. He should reappear the cheque control the delineateer’s commendation. In a circumstance cheque is torn accidentally, the delineateer must substantiate it by accordment such tindividual as ‘Accidentally torn by me’ and affixing his generous attestation. A cheque torn into couple or more pieces is generally reappeared with a referable attributable attributable attributable attributable attributablee ‘Mutilated’. Controlm of cheque: Printed controlm: The cheque must be in equitable controlm. It must gratify perfect the requirements of legislation. The customers should delineate cheques singly on the printed leaves replete by the bankers.
Unimpeded arrange: The cheque should referable attributable attributable attributable inclose any top. If it is a topal single, the wilding banker’s top gain befit delicate and he may referable attributable attributable attributable honour it. Continuance: Anteriorly honouring a cheque, the bank must descry whether there is a continuance on the commissioner. If it is undated, it canreferable attributable be regarded as a weighty commissioner. If a cheque is ante- continuanced, it may be remunerated if it has referable attributable attributable attributable befit hackneyed by that period. A cheque, which is exhibited behind six months, from the continuance of its consequence, is a hackneyed single. If a cheque is post- continuanced, he should honour it singly on its ascribable continuance.
Amount: The instant influential premunition is that the banker should descry whether the quantity symmetrical in the cheque, twain in tindividual and figures, accord with each other. If the quantity is symmetrical singly in figures, the banker should reappear it with a referable attributable attributable attributable attributable attributablee ’Quantity required to be symmetrical in tone’. However if the quantity symmetrical singly in tone, the banker may honour it. Supposing , there is a contrariety in the quantity symmetrical in tindividual and figures, then the banker can grasp any single of the subjoined races conducive to him: i) He can dishonour the cheque with a memorandum ‘tindividual and figures differ’ or i)He can honour the quantity symmetrical in tindividual According to Sec. 18 of the N. I. Impress, if the quantity subordinatetaken or arrangeed to be remunerated is symmetrical heterogeneous in figures and tone, the quantity symmetrical in tindividual shperfect be the quantity subordinatetaken or arrangeed to be remunerated. ’ However in custom, if the contrariety is petty, reimbursement is rarely made. But usually the wilding banker reappears the cheque subordinate such engagement, gindividual there is an audit object to the custom of honouring such cheques. III. Ample weigh: There must be ample weigh to engage the cheque.
If the funds conducive are referable attributable attributable attributable ample to honour a cheque, the wilding banker is justified in reappearing it. So, anteriorly honouring a cheque, he must hinder up the exhibit declare of his customers totality. IV. Attestation of the delineateer: The instant influential function of a wilding banker is to assimilate the attestation of his customer objectow on the cheque with that of his sample attestation. If he fails to do so and if he wilds a cheque , which incloses a controlged attestation of the delineateer, then, the reimbursement gain referable attributable attributable attributable quantity to reimbursement in ascribable race. Hence, he can referable attributable attributable attributable demand shelter subordinate Sec. 85 of the N. I. Impress.
If the attestation has been as-well aptitudefully controlged control the banker to perceive it extinguished, flush then the banker is stingy. However, if the customer facilitates the controlgery of his attestation by his induce, then, the banker gain be main from his jurisdiction. Legislationful plug: The being of legislationful plug apdemonstrate Garnishee Arrange limits the function of the banker to wild a cheque. Garnishee arrange refers to the arrange consequenced by a flatter attaching the funds of the intelligence borrower (i. e. , the customer) in the hands of a third edge (i. e. , the banker). The engagement ‘Garnishee’ refers to the special who has been served with the arrange.
This Garnishee chronicles involve of couple marchs. As a primitive march ‘Garnishee Arrange Nisi’ gain be consequenced. ‘Nisi’ availings ‘unless’. In other tone, this arrange gives an turn to the banker to demonstrate that this arrange could referable attributable attributable attributable be enforced. If the banker does referable attributable attributable attributable compel any oppositeclaim, this arrange befits irlawful single. This ‘garnishee Arrange irresponsible’ in-fimpress attaches the totality of the customer. If it attaches the undiminished quantity of a customer’s totality, then, the banker must dishonour the cheque delineaten by that customer. He can honour his cheques to the degree of the quantity that is referable attributable attributable attributable garnished. Objectorsement:
Anteriorly honouring a cheque, the banker must establish the continuity of objectorsement, if any, that appears on the commissioner. It is more so in the circumstance of an arrange cheque, which requires an objectorsement anteriorly its offer. Control prompting, if there is per pro objectorsement, the banker must perceive extinguished the being of pattern. Failure to do so deputes inattention on the bisect of the wilding banker. Per pro objectorsement is an objectorsement made by an signed commissioner. Earlier referable attributable attributable attributable attributable attributable attributable attributable attributableification abextinguished the custody of pattern to the commissioner must keep been absorbed to the banker. Otherwise, a banker is referable attributable attributable attributable legislationfully skip to sanction this emblem of objectorsement.
CIRCUMSTANCES UNDER WHICH A CHEQUE CAN BE DISHONORED Oppositemanding: Oppositemanding is the regulate absorbed by the customer of a bank requesting the bank referable attributable attributable attributable to honour a bisecticular cheque consequenced by him. When such an arrange is ordinary, the banker must refcorrection to wild the cheque. If a customer acquaints by telephsingle or telegram in-reference-to the suspension reimbursement of a cheque, the banker should diplomatically stoppage the reimbursement, prepare written regulates are ordinary. If the top is very delicate, he can reappear the cheque by giving a decent repartee apdemonstrate ’reimbursement oppositemanded by telephsingle and postponed pending commendation. Ce-this-reason, oppositemanding regulates, uniformly ordinary, must be kept as a steady availings. A ‘stopped reimbursement’ record may be maintained control expeditions regard. Upon the acknowledgment of referable attributable attributableice of decease of a customer: When a banker accepts written referable attributable attributable attributable attributable attributable attributable attributable attributableification from an authentic origin, (preferably from the right kinsmen) in-reference-to the decease of a bisecticular customer, he should referable attributable attributable attributable honour any cheque delineaten by that dull customer. If the banker is unconscious of the decease of a customer, he may honour the cheque delineaten by him.
Decease puts an spontaneous object to the contractual similarity among a banker and his customer. Upon the acknowledgment of referable attributable attributableice of repudiation: Uniformly a banker has conversance of the repudiation of a customer, he must refcorrection to wild cheques delineaten by him. Upon the acknowledgment of referable attributable attributableice of mental-unsoundness: Where a banker accepts referable attributable attributableice of a customer’s mental-unsoundness, he is justified in refusing reimbursement of the cheque delineaten by him. The banker should compel a ceesightful referable attributable attributablee, when the craziness arrange is ordinary. It is politic that the banker should impress upon a positive testimony of the customer’s mental-unsoundness apdemonstrate a doctor’s certificate, a flatter arrange ceeseeing.
Upon the acknowledgment of referable attributable attributableice of provision: The bank weigh of a customer deputes an asset and it can be assigned to any special by giving a communication of provision to the banker. Uniformly an provision has been made, the assignor has no legislationful hues redress the bank weigh and ce-this-reason, if any cheque is delineaten by him, the banker should refcorrection to honour it. When a violation of belief is intended: In the circumstance of a belief totality, absolute conversance of the customer’s delineation to correction the belief funds control his specialal correction, is a ample discuss to dishonour his cheque.
Deficient name: If a special who brings a cheque control reimbursement has no name or his name is deficient, the banker should refcorrection to honour the cheque exhibited by him. Control prompting, a special who brings a cheque, which has been oppositemanded or which has been controlged, has no name to it. Statutory Shelter to a Wilding Banker: Supposing, a wilding banker wilds a cheque, which tolerates a controlged attestation of the wildee or objectorsee, he is stingy to the penny proprietor of the cheque. But, it is thoroughly unwarrantable to compel the banker statuteful control such errors.
It is so owing; he is referable attributable attributable attributable controleseeed to inferiorneathstand the attestation of the wildee or the objectorsee. Ce-this-reason, legislation relieves the wilding banker from his jurisdiction to the penny proprietor in such engagement. This perfecteviation is inferiorneathstandn as ‘statutory shelter. ’ To demand shelter subordinate Sec. 85 of the N. I. Impress, 1881, the banker should keep fulfilled the subjoined tops: * He should keep remunerated an arrange cheque. * Such a cheque should keep been objectorsed by the wildee or his arrange. * It should keep been remunerated in ascribable race. PAYMENT IN DUE COURSE The cheque should keep been remunerated in ascribable race as per Sec. 0 of the N. I. Impress. This concept of reimbursement in ascribable race has three immanent features: (I) Probable arrange of the commissioner: To use of the statutory shelter, the reimbursement should keep been made according to the probable arrange of the commissioner. The probable arrange refers to the delineation of the bisecties, as it is incontrovertible from the aspect of the commissioner. Example: If a delineateer delineates a cheque with a post –date, his delineation is to compel reimbursement singly behind a positive continuance. If it is remunerated anteriorly the ascribable continuance, this reimbursement does referable attributable attributable attributable quantity to reimbursement in ascribable race.
So so, the reimbursement of a oppositemanded cheque does referable attributable attributable attributable quantity to reimbursement in ascribable race. (ii) Reimbursement in good-tempered-tempered-natured-natured belief and extraneously inattention: Good-tempered-tempered-natured-natured belief controlms the foundation of perfect banking transactions. As commendations inattention, the banker may rarely be ceesightless in his duties, which deputes an impress of inattention. If inattention is demonstrated, the banker gain detriment the statutory shelter absorbed subordinate Sec. 85. Example: * Reimbursement of a crossed cheque redress the opposite. * Reimbursement of a post-dated cheque anteriorly ripeness. * Failure to establish the continuity of an objectorsement. iii)Reimbursement to a special who is entitled to accept reimbursement: The banker must descry that the special, who exhibits the cheque, is in tenure of the commissioner and he is entitled to accept the quantity of the cheque. Shelter to a carrier cheque: Now this shelter has been plentiful to carrier cheques so subordinate sec. 85(2). If a carrier cheque is remunerated in ascribable race, the banker is entitled to realize shelter. Statutory Shelter in the circumstance of a Materially Altered Cheque: A wilding banker canreferable attributable normally demand any statutory shelter control a materially altered cheque. However; Sec. 89of the Negotiable commissioner Impress.
Gives shelter in the circumstance of a materially altered cheque granted, (1) He is stingy to wild, (2)Such an modification is referable attributable attributable attributable probable and, (3) The banker has made the reimbursement in ascribable race. Savey of Capital Remunerated by Reach: Subordinate the subjoined engagement, capital defectively remunerated can be saveed:- (i)Capital ordinary mala fide is saveable: When a special accepts capital by misgrasp in sick belief, inferiorneathstanding that he is referable attributable attributable attributable entitled to accept that capital, then, the banker is entitled to recredress the similar. (ii) Capital remunerated subordinate a misgrasp of fimpress is saveable: Control prompting, a banker wilds capital to X, thinking that he is Y.
This is a misgrasp of fimpress in-reference-to the sameness of the bisecties. Y is subordinate a legislationful function to wild the capital tail to the banker. COLLECTING BANKER A congregateing banker is single who subordinatetakes to congregate the quantity of a cheque control his customer from the wilding banker. In congregateing a cheque, the banker can impress in couple capacities namely (1) as a holder control estimate, and (2) as an commissioner control congregateion. The banker would be as a holder control estimate: (a) If he perfectows his customers to withdelineate capital anteriorly cheques remunerated in control congregateion are in-fimpress congregateed and beliefed. b) If any inferiorneathstandn cheque is sanctioned and the estimate is remunerated anteriorly congregateion, and (c) If there is a diminution in the redressdraft totality of the customer anteriorly the cheque is congregateed and beliefed in the relative totality. In perfect these engagement, the banker realizes a specialal share. A Banker as an commissioner: In custom, no banker beliefs a customer totality flush anteriorly a cheque is congregateed. He congregates a cheque on interest of a customer. So, he canreferable attributable realize any of the hues of a holder control estimate. He has to impress singly as an commissioner of the customer. Duties of A Congregateing Banker: i) Exertion temperate ceesight and heed in his congregateion employment: When a banker congregates a cheque control his customer, he impresss singly as an commissioner of the customer. He should exertion temperate ceesight, heed and aptitude in congregateion employment. (ii) Exhibit the cheque control congregateion extraneously any stoppage: The banker must exhibit the cheque control reimbursement extraneously any stoppage. If there is stoppage in exhibitment, the customer may tolerate detrimentes ascribable to the repudiation of the delineateer or shortness of funds in the totality of the delineateer or repudiation of the banker himself. In perfect such engagement, the banker should tolerate the detriment. iii) Referable attributable attributableice to customer in the circumstance of dishonour of a cheque: The N. I. Impress has prescribed a temperate period control giving the referable attributable attributableice of dishonour. If he fails to do so, and therefore, any detriment arises to the customer, the banker has to tolerate the detriment. (iv) Exhibit the jaw control sanctionance at an coming continuance: As per sec. 61 of the N. I. Impress, a jaw of substitute must be sanctioned. If a banker subordinatetakes to congregate jaws, it is his function to exhibit them control sanctionance at an coming continuance. (v) Exhibit the jaw control reimbursement: The banker should exhibit the jaws control reimbursement in equitable period and at equitable settle.
If he fails to do so and if any detriment occurs to the customer, then, the banker gain be stingy. According to Sec. 66 of N. I. Impress a jaw must be exhibited control reimbursement on ripeness. (vi) Protest and referable attributable attributablee a controleign jaw control non-acceptance: In circumstance of dishonour of a jaw by non-vindication or non-payment, it is the function of the congregateing banker to inframe the customer directly. Generally he reappears the jaw to the customer. In the shortness of biased regulates, congregateing bankers do referable attributable attributable attributable realize the inland jaws referable attributable attributableed and protested control dishonour.
If the jaw in inquiry happens to be a controleign jaw, the banker should keep it protested and referable attributable attributableed by a referable attributable attributableary national and then controlwarded it to the customer. Statutory Shelter to the congregateing Banker: According to sec. 131 of the N. I. Impress, statutory shelter is conducive to the congregateing Banker in the subjoined engagement: (i)Crossed cheques singly: a congregateing banker singly control crossed cheques can demand statutory shelter. It is so owing, in the circumstance of an inferiorneathstandn cheque, it is referable attributable attributable attributable irresponsiblely requisite control a special to descryk the utility of a bank. ii) Congregateions on interest of customers as an commissioner: a banker singly can demand the aloft shelter control those cheques congregateed by him as commissioner of his customers. iii) In good-tempered-tempered-natured-natured belief and extraneously inattention: In arrange to realize the shelter subordinate this minority, a congregateing banker must impress in good-tempered-tempered-natured-natured belief and extraneously inattention. Matter of inattention is of catholic concern. Foundation of inattention: When a congregateing banker wants to demand shelter subordinate Sec. 131, he has the parcel of proving that he has impressed extraneously inattention.
Shameful inattention: If a banker is thoroughly ceesightless in congregateing a cheque, then, he gain be held stingy subordinate the basis of ‘shameful inattention. ’ Examples: Congregateing a cheque crossed ‘A/C wildee’ control other than the wildee’s totality: Totality wildee transversion is a arrange to the congregateing banker. If he congregates a cheque crossed ’A/C wildee’ control any special other than the wildee, then, this fimpress gain be demonstrated as an declaration of shameful inattention. FAILURE TO VERIFY THE CORRECTNESS OF ENDORSEMENT If a banker omits to establish the prevention of objectorsements on cheques wildable to arrange, he gain be deprived of the statutory shelter. i)Failure to establish the being of pattern in the circumstance of per pro attestations: If a congregateing banker fails to establish the being of pattern in the circumstance of per pro attestations, if any, gain be demonstrated as an declaration of shameful inattention. (ii) Inattention alike with the present congregateion: If, on the aspect of a cheque, there is a admonition that there is stereotype of capital, the congregateing banker should compel some temperate enquiry and singly behind realizeting some delectable explanations, he can avail to congregate cheques.
Examples: * Congregateing a cheque delineaten opposite the principal’s A/c, to the privy A/c of the commissioner extraneously enquiry. * Congregateing a cheque wildable to the attached to the privy A/c of a bisectner extraneously enquiry. * Congregateing a cheque wildable to the assembly to the privy totality of a guide or any other conductor extraneously enquiry. * Congregateing a cheque wildable to the employer to the privy totality of the employee would depute inattention subordinate sec. 131 of the N. I. Impress. * Congregateing a cheque wildable to the beliefee, to the privy totality of the special unconditional the belief totality is another prompting of inattention of a banker. iii) Inattention subordinate Remote Basiss: Normally, we canreferable attributable controlesee a banker to be stingy subordinate positive engagement. But, the bankers keep been held loose subordinate those tops, which are branded as ‘remote basiss. ’ Examples: * Omission to obtain a communication of gate from a odd customer causes inattention. * Failure to enquire into the origin of minister of catholic funds into an totality, which has been kept in a inconsiderable top control a hanker period, deputes inattention.