Feature Post

UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
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Customer Due Diligence, KYC Policies and Some Important Relationships Between Banker and Customer

  • Some legal Relationships between Banker and Customer
Debtor-Creditor
Creditor-Debtor
Mortgagor-Mortgagee
Bailee-Bailor
Trustee-Beneficiary
Lessee-Lessor
Pricipal-Agent

  • Approach of KYC as per RBI guidelines is
    • To prevent bank from being used, intentionally or unintentionally, by criminal elements for their money laundering activities
    • To help banks to know their customer and their financial transactions better.
  • KYC Policies laid down by RBI
    • Customer Acceptance Policy (CAP)
    • Customer Identification Process
    • Monitoring of Customer Transactions
    • Risk Management
  • Customer Due Diligence – It can be defined as any measure undertaken by a financial institution to collect and verify information and positively establish the identity of customer. Board approved customer acceptance policy is the base of CDD. Three Types of CDD –
    • Basic Due Diligence
    • Simplified Due Diligence
    • Enhanced Due Diligence

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