Finance Hub - World of Finance

Appointment of SCA's/SA's of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs):  RBI Guidelines  Definitions: 1. Commercial Banks (CB): Commercial Banks are Scheduled Banks comes under authority of RBI, as almost all banks are considered as commercial banks except those banks which are considered as Small Finance bank, Payments bank and Co-operative bank under the scheduled bank category. Commercial Banks are financial institutions with commercial objective to earn profits on their transactions such as providing loans to governments, corporates, individuals, etc. to earn interest, providing commission and advisory services offered on their saleable products such as underwriting, leasing assets, mortgages, auto loans, business loans, and personal loans. Commercial banks takes deposits from public in order to run their baking business, also offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and ...

Product Control (PC) for Legal Entities in Investment Banks: Product Control Role: Product Control department acts as an independent control department, primarily as name suggests is  a Control Function found in Financial Institutions, such as in Investment Banks, Hedge Funds, Wealth Management and Asset Management Firms.  It acts to ensure the integrity of an organization’s financial statements through preparation and independent verification of daily and monthly P&L, balance sheet reconciliation and substantiation, and valuation testing of trading inventory. Associated Departments: In  Product Control department,  product controller works in close contact with the front office and its traders, risk and valuation units, and have exposure to investment banking products (whether vanilla / flow products or more complex structured / exotic products), allowing to understand why and how a bank trades on a daily basis. Product Control Mid Office: Product Control can be...