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Payments Banks in India: Can They Promote Social Inclusion?

The motivation for introducing payments banks in India came from the lack of access and prevalent financial literacy. Before initiating and setting payments banks, the Reserve Bank of India went through several policy considerations to promote financial inclusion. Aditee Dash explains the meaning and advent of payments banks in India. Aditee also understands its function and its contemporary role in democratising banking systems.

Anti-Money Laundering Laws

The goal of a large number of criminal acts is to generate profits for the individual or the group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source. In this paper, the author has discussed the various stages, trends, developments and the law relating to this subject.

Dishonour of Cheques: Director’s Liability in case of Dishonour

Cheques are a type of bill of exchange and were developed as a way of making payments without the need to carry large amounts of money. A dishonoured cheque cannot be redeemed for its value and is worthless; they are also known as an RDI (returned deposit item), or NSF (non-sufficient funds) cheque. Cheques are usually dishonoured because the drawer’s account has been frozen or limited, or because there are insufficient funds in the drawer’s account when the cheque was redeemed. A cheque drawn on an account with insufficient funds is said to have bounced and may be called a rubber cheque. Banks typically charge customers for issuing a dishonoured cheque, and in some jurisdictions such an act is a criminal action. A drawer may also issue a stop on a cheque, instructing the financial institution not to honour a particular cheque


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