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Daily Archives: October 2, 2017

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What is Consumer Protection Act 1986 (CPA/COPRA)?

Legal and Regulatory aspects of bankingBy Surendra NaikOctober 2, 20172 Comments

The Consumer Protection Act (COPRA) 1986 was enacted by the Government of India. The act  spells out the rights of the Consumer and the responsibilities of the supplier. The law provides the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected therewith. Sec. 2 (1) (d) of…

Nomination facility for bank accounts/NSC/LIC/Mutual Funds/PPF explained

Ancillary Services, Deposits, Investments & Insurance, Legal and Regulatory aspects of bankingBy Surendra NaikOctober 2, 2017Leave a comment

The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking companies (Nomination) rules 1985 and the relevant provisions of Indian Succession Act. Nomination facility is available only to individual depositors and not to any person in…

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