Is It Legal for NBFCs to Call Relatives for Loan Recovery?
An NBFC may contact a borrower’s relatives in limited circumstances, but it cannot harass, threaten, shame, or repeatedly contact relatives to recover the borrower’s loan. The Reserve Bank of India…
CKYCRR Full Form in Banking: Meaning and Definition
CKYCRR full form in banking is Central KYC Records Registry. It is a centralized digital repository where KYC records of customers in the financial sector are stored, protected, and retrieved…
CAM Full Form in Banking: Meaning and Definition
CAM full form in banking is Credit Appraisal Memorandum. It is an internal loan evaluation document prepared by banks and financial institutions before approving a credit proposal. In simple words,…
Is It Legal for Banks to Share CIBIL Data Without Permission?
Yes, banks can legally share certain credit information with CIBIL without obtaining separate permission every time they report it. In India, reporting credit information to authorised Credit Information Companies (CICs)…
ARC Full Form in Banking: Meaning and Definition
ARC full form in banking is Asset Reconstruction Company. It is a specialized financial institution that buys bad loans or stressed loans from banks and financial institutions, then tries to…
Is It Legal to Open a Bank Account Without Aadhaar in India?
Yes, it is generally legal to open a bank account in India without Aadhaar. Aadhaar is an important identity document, but it is not the only document that can be…
Is It Legal for Banks to Decline UPI Transactions Without Reason?
Yes, a bank can decline a UPI transaction in certain circumstances, but it should not arbitrarily reject legitimate transactions without a valid operational, security, regulatory or technical basis. UPI transactions…
ACHCR Full Form in Banking: Meaning and Definition
ACHCR full form in banking is Automated Clearing House Credit. It is a bank statement transaction code used when money is credited to an account through an automated clearing system.…
LTV Full Form in Banking: Meaning and Definition
LTV full form in banking is Loan-to-Value Ratio. It is a financial ratio used by banks and lending institutions to compare the loan amount with the value of the asset…
OCR Full Form in Banking: Meaning and Definition
OCR full form in banking is Optical Character Recognition. It is a technology used by banks to read printed or handwritten text from documents and convert it into digital data.…