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Case Studies
In a case where a customer's cheque is dishonoured due to insufficient funds, what is the primary obligation of the bank?
The bank must return the cheque with a memo stating the reason for dishonour (e.g., 'Insufficient Funds') and is not liable for any consequential loss to the drawer provided it acted in accordance with its mandate.
In a case where a customer issues a post-dated cheque, when can the bank honour it?
Only on or after the date written on the cheque.
A bank mistakenly credits a wrong account due to a NEFT transaction error; what steps should the bank take?
The bank should immediately debit the wrongly credited account and credit the correct beneficiary account, and must inform both parties as per RBI guidelines on erroneous credit reversals.
When a bank receives a garnishee order, which account balances are typically attached?
Balances existing at the time the order is received by the bank.
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