Book Of Instructions Bank Of Baroda [EXCLUSIVE]
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The plaintiffs case is that on 7th May 2002 the plaintiff deposited Uganda Shillings 7,000,000/= on its fixed deposit account number 12287 payable on or after 9th of August 2002 with interest at the rate of 3.5% per annum. Condition number 4 printed overleaf on the deposit receipts provided that funds therein are not transferable by endorsement in the absence of special instructions and the amount deposited is payable only to the depositor on the due date or thereafter upon surrendering the receipt duly discharged. Payment to a third party has to be sanctioned by a letter of authority accompanying the deposit slip. According to DW 2 Eva Nagwonu that the Secretary Manager of the plaintiff on the 1 July 2002 instructed the bank to transfer Uganda shillings 7,012,965/= to the plaintiff's current account number 12287 by endorsing on the back of the fixed deposit receipt. Counsel submitted that the principal question was whether there were special instructions by letter of authority to accompany the deposit receipt endorsement.
The defendant's witnesses DW1 and DW2 also DW3 banking officials of the defendant bank testified in a casual manner on the similarities of the signatures. They could not explain the reason given for the alleged termination before maturity of the fixed deposit of the plaintiff. They were swayed by the fact that Jack Mulabi was the principal signatory. DW1 conceded that the bank did not follow instructions. Counsel relied on the case of Makua Nairuba Marble versus Crane Bank Ltd HCCS No 380 of 2009 where Honourable Justice Helen criticised the bank for gross negligence.
Apparently the tone of the letter emphasises the document cancelling the fixed deposit order and not the withdrawal per se though the withdrawal was a contentious issue in the board. It is an agreed fact that the order terminating the fixed deposit is contained in exhibit D1 which is the receipt for the fixed/short deposit. The overleaf of the receipt has endorsed on it instructions to the effect that the current account number 12287 of the plaintiff be credited with the amount on the fixed deposit. The bank statement of the plaintiff exhibit D2 is for current account number 01101/012287. It shows that on 1 July 2002 a sum of Uganda shillings 7,012,965/= was transferred from the fixed deposit receipt account to the plaintiff's current account. On the same day under reference 0056 1268 a sum of Uganda shillings 5,000,000/= was withdrawn or paid to Jack Mulabi. Subsequently on 9 July 2002 under reference number 0056 1269 a sum of Uganda shillings 1,000,000/= was again paid to Jack Mulabi. Further evidences prove that the payments were made by two cheques. The first cheque is number 561268 corresponding with the reference in the bank statement and is for Uganda shillings 5,000,000/= the cheque is dated 1st of July 2002. The second cheque, Uganda shillings 1 million dated 9th of July 2002 is cheque number 561269. The defendant responded to the plaintiffs letter of enquiry exhibit P2 in a letter dated 9th of September 2002 exhibit P3 with explanations of the transaction.
Please refer to the Master Circular No. DBOD.No.BP.BC.12/21.04.048/2011-12 dated July 1, 2011 consolidating instructions / guidelines issued to banks till June 30, 2011 on matters relating to prudential norms on income recognition, asset classification and provisioning pertaining to advances.
(iv) When banks/ FIs invest in the security receipts/ pass-through certificates issued by SC/RC in respect of the financial assets sold by them to the SC/RC, the sale shall be recognised in books of the banks / FIs at the lower of:
x) Banks shall sell nonperforming financial assets to other banks only on cash basis. The entire sale consideration should be received upfront and the asset can be taken out of the books of the selling bank only on receipt of the entire sale consideration.
xi) A nonperforming financial asset should be held by the purchasing bank in its books at least for a period of 15 months before it is sold to other banks. Banks should not sell such assets back to the bank, which had sold the NPFA.
(xii) Banks are also permitted to sell/buy homogeneous pool within retail nonperforming financial assets, on a portfolio basis provided each of the nonperforming financial assets of the pool has remained as nonperforming financial asset for at least 2 years in the books of the selling bank. The pool of assets would be treated as a single asset in the books of the purchasing bank.
(ii) The asset classification status of an existing exposure (other than purchased financial asset) to the same obligor in the books of the purchasing bank will continue to be governed by the record of recovery of that exposure and hence may be different.
(iii) Where the purchase/sale does not satisfy any of the prudential requirements prescribed in these guidelines the asset classification status of the financial asset in the books of the purchasing bank at the time of purchase shall be the same as in the books of the selling bank. Thereafter, the asset classification status will continue to be determined with reference to the date of NPA in the selling bank.
For the purpose of capital adequacy, banks should assign 100% risk weights to the nonperforming financial assets purchased from other banks. In case the nonperforming asset purchased is an investment, then it would attract capital charge for market risks also. For NBFCs the relevant instructions on capital adequacy would be applicable.
5.1.2 The Category 1 CDR system will be applicable only to accounts classified as 'standard' and 'sub-standard'. There may be a situation where a small portion of debt by a bank might be classified as doubtful. In that situation, if the account has been classified as 'standard'/ 'substandard' in the books of at least 90% of creditors (by value), the same would be treated as standard / substandard, only for the purpose of judging the account as eligible for CDR, in the books of the remaining 10% of creditors. There would be no requirement of the account / company being sick, NPA or being in default for a specified period before reference to the CDR system. However, potentially viable cases of NPAs will get priority. This approach would provide the necessary flexibility and facilitate timely intervention for debt restructuring. Prescribing any milestone(s) may not be necessary, since the debt restructuring exercise is being triggered by banks and financial institutions or with their consent.
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Depositors can prematurely withdraw their FDs either online or offline by physically visiting the bank branch. Also, it is important to note that many banks allow online withdrawals only if the deposit was booked online. Furthermore, an active online banking facility is a prerequisite.
Yes. A maturity instruction is an instruction given by the depositor at the time of opening a fixed deposit. The instruction can be to auto-renew the deposit for the same tenure on maturity. Depositors can change their maturity instructions before maturity. Seven days before the maturity date, depositors have to communicate with the bank whether they would like to withdraw or renew the deposit. If no communication is done, the account gets auto-renewed. Also, depositors can choose to renew the scheme only with the principal amount or with both the principal and interest amount. 2b1af7f3a8