Thursday, September 28, 2017

What is meant by stop payment instruction?

It is an instruction provided by the customer to the bank to stop payment of the cheque. On receipt of instruction from the depositor, the bank notes the instructions in the system and when the cheque is presented for payment, payment is countermanded and not paid
The customer can provide such instruction on many grounds
  • The payee should not receive payment
  • The contract entered between the payee and the depositor had not been fulfilled
  • The items received from the supplier (payee) are found to be defective
Who has to issue?
  • In the case of individual accounts, the individual submits the representation
  • In the case of joint accounts, anyone or all can send the representation
  • In the case of proprietorship accounts, the proprietor issues the letter
  • In the case of partnership firms, anyone or all partners can issue stop payment instructions to the banker
  • In the case of companies, anyone of the authorised signatories can issue stop payment instructions to the banker

Friday, April 14, 2017

Which is better for the future - whether IDBI bank probationary officer or Bank of Baroda clerk?

This is my answer to similar question:
Andhra bank PO vs SBI clerk ?
The main purpose of joining any bank - forget the position - is to get an employment; earn salary; strengthen the financial position and survive in the world by having certain comforts
Under the above backdrop, do not compare one bank job with another bank job. Something is better than nothing
For each bank examination, throughout the country around 20 lakhs graduates are submitting their applications and among such applications only 15000 get employment.
Let us imagine the efforts put in by those 15000 successful candidates.
As a trainer for these people, I know their difficulties. Some never sleep for more than one fortnight before the examination. They used to refer all sorts of materials and they use each and every minute of their day and night only for examination preparation
Now let us come to the topic
Probationary officer in any bank
  • It is a responsible job than clerk
  • You have to work from 10.00 to 5.00 p,m. and during some days, you may be compelled to sit late - one or two hours late. Never mind this since this is not a routine business and this can happen only at the time of accounts closing, inspection or non tallying of accounts etc
  • On account of computerisation, every activity is taken care of by the central server and several people are working in the server area to get the accounts tallied each day.
  • At the branch, you have to simply your batches. It means, that each teller or clerk should tally their positions and the officers have to help in this connection
  • Sometimes, you may have to go outside the branch for marketing, recoveries, deposit mobilisation etc., In fact it will be quite interesting to meet several types of people (I am telling out of my forty years of banking experience)
  • Learn to keep your ears closed for negative comments and negative criticism from outsiders and senior frustrated employees of the bank in this connection
  • Every job has some problems
  • Every organisation will have some issues
  • It is part and parcel of the life of each individual
  • If you are willing to do challenging jobs, prove your performance by working hard, let your choice be for PO in any bank
  • Moreovr, for your hard work, you are rewarded with more salaries, quarter facilities, Better LFC facility, Conveyance allowance etc., etc.,
  • You are willing to have comfortable life. You are not interested to do more for the bank
  • You are concerned about you; your hobbies, your family members and you are willing to put yourself in your home by 5.30 p.m. each day
  • For them this post is suitable
  • Please remember that after sometime you will be prompted to appear for promotions on account of your colleagues stepping into the ladder
  • More than salary and perquisites, for an employee, the status is very important and promotion fulfills such desires
You can decide yourself by going through the above feedback from my side