MA0039-RETAIL BANKING

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ASSIGNMENT

DRIVE FALL	2013
PROGRAM	MBADS – (SEM 3/SEM 5) / MBAFLEX / MBAN2 – (SEM 3)
SUBJECT CODE & NAME	MA0039-RETAIL BANKING
SEMESTER	3
BK ID	B1619
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q.1 Log on to any commercial bank’s website and discuss the features of deposits and personal loan.

Ans : Let us discuss the  Features of deposits and personal loan of UCO Bank :

One of the important functions of the bank is to accept deposits from the public for the purpose of lending. In fact, the depositors are the major stake holders of the banking system. The depositors and their interest forms the focal point of the regulatory frame work for banking in India and has been enshrined in the Banking Regulation Act, 1949. The Reserve Bank of India is empowered to issue directives/advices on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalization in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI.

The issues pertaining to operational aspects of bank’s deposit portfolio have been addressed here for ready reference of the bank staff, so that discharging of the duty by the dealing staff is in harmony to the customers’ expectations and right.

Q.2 When your card is stuck in the ATM, discuss what action would you take? In this context, write a short note on ATM card.

Ans : Action taken :

In this era of technology, things are made simple and complicated as well so we need to educate ourselves how to use the technology, I am talking about the ATM cards, We all have ATM Cards and we need to know how to handle them, one such situation where we get panicked  is  " when our ATM card sets stucked in the ATM machine " ,  Here are some necessary tips you need to follow if your card gets stucked in the ATM

Following are the steps you need to follow :

• You should cancel the transaction by pressing the cancel button
• You need to call the customer care intimating them about struck of atm card, you can call   bank customer care or you may visit the nearest

Q.3 Discuss how Aadhaar card is used as a valid KYC norm.

Ans :  Aadhar card :

Aadhaar card is a valid proof for opening a bank account under the know your customer (KYC) norms. Aadhaar is a unique 12 digit number issued by the government as proof of identity and residence in India. No resident can have a duplicate number since it is linked to their individual. It is database of you finger print ,iris ( uniqueness of human eye patterns) and signature. In future government is planning to use it as identity card at every possible place like airport, courts, criminal activities etc

Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme

Q.4 Conduct a need analysis in your area and list customer’s preferences with respect to banking products.

Ans : Need analysis :

Needs analysis is the formal process defined by K Tara Smith that sits alongside Requirements analysis and focuses on the human elements of the requirements.

The following list gives the principles of needs analysis as originally defined.

• User’s need based requirements are complex and can conflict
• User’s need based requirements build a bridge from the business case to the design
• User’s need based requirements help to identify trade-offs that need to happen in the design process (i.e. where a design cannot resolve the user’s need based requirement conflicts)

Q. 5 A customer of the bank remits into his account Rs 1000. The currency notes are soiled and mutilated. Will the bank accept the cash? Discuss the RBI policy on currency chest and functions of the currency chest.

Ans : Yes , the bank will accept the cash . According to RBI policy , Exchange value of soiled notes will be paid in coins and/or notes of denomination Rs.10/- and above,  across the counter as per extant rules.  While the intention of the RBI is to mop up all such soiled/mutilated Re.1/-, Rs.2/- and Rs.5/- notes and above in exchange, all Re.1/-, Rs.2/- and Rs.5/- notes would continue to be legal tender.  Any note with slogans and message of a political nature written across it  ceases to be a legal tender and a claim on such a note will be rejected.  Similarly, notes which are disfigured may also be rejected.  The notes which are found to be deliberately cut or tampered with, if presented for payment  of exchange value, will be rejected. 

Action taken RBI policy on currency chest :

1. In order that the Bank's obligations may be

Q. 6 Discuss the elements involved in transfer of funds

Ans : Transfer of funds process

Funds transfer is a transaction by which funds move from one institution to another or one account to another at the direction of an institution’s customer that cause the institutions to make the required bookkeeping entries and make the funds available. Funds transfers are the primary mechanism used by the business community for fast and reliable transfer of funds between two

parties. In electronic process , The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. A

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