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Daily Archives: September 30, 2017

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How to deal with accounts of insolvent person?

Deposits, Legal and Regulatory aspects of banking, Savings BankBy Surendra NaikSeptember 30, 2017Leave a comment

When an insolvency petition has been filed in the Court, in respect of a customer of the bank, the bank shall immediately stop paying cheques drawn by the customer irrespective of cheque dated before or after the date of the petition. While dealing with such accounts, bankers need be to extra careful.  Any act of…

Whether bank can sanction loan to a mentally retarded person?

Loans and advancesBy Surendra NaikSeptember 30, 2017Leave a comment

The public sector banks are required to extend loans to the persons suffering from austim, retardness, as per Government policy. However, the question is for what purposes loans would be granted to retarded persons and how a bank can grant a loan to mentally retarded person as we are sure that bank cannot directly grant…

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