PREFACE TO THE TWENTY-FOURTH REVISED EDITION\r\nEncouraged by the widespread response and the warm welcome given to the previous editions by the student community as well as the teacher fraternity of different universities, we have pleasure in presenting this twenty-fourth revised edition in the hands of esteemed readers.\r\nThe banking scenario in India is changing fast to keep pace with the International Banking practice. As a result, the banks in India have been asked to meet specific standards such as Capital Adequacy Norms, Classification of Assets. Income Recognition Norms, Basel III Accord, etc. Further, new directions have been issued to bring the NBFCs under strict control and to improve their financial health. The Banking Ombudsman Scheme has been introduced to protect the interest of the depositors.. Many post-reform developments have taken place so as to enable the banks to function with improved financial strength and functional efficiency. The Negotiable Instruments Act has been amended with a view to enhancing the acceptability of cheques and thus, improving the efficacy of banking operations. The privatisation of banks is on the move again.\r\nAll these developments have been duly accommodated in this edition at suitable places with a view to providing the latest information in the field of banking to the students of banking. The subject-matter has been presented in the most simple and lucid manner.\r\nAs usual, many Indian case laws affecting bankers have been added in appropriate places so that the reader might be well acquainted with the Indian banking practice.\r\nThe latest developments in the field of banking like recent legislations affecting banking in India, licensing of private sector banks, shadow banking, women's bank. Basic Savings Bank Account, virtual currency, NBFC-Factors etc. are included in this edition.\r\nIt is hoped that the present edition will meet fully the requirements of both categories of readers, practical and academic.\r\nConstructive comments and useful suggestions for the improvement of this book are most welcome.\r\nSivakasi\r\nJune, 2014\r\n2016-2017\r\nE. GORDON K. NATARAJAN
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