Daily Archives: July 27, 2024

Explained: Bank as a Trustee

A trustee is an entity that manages wealth, assets, or property on behalf of the owner of the estate. The owner also called the trustor, appoints a trustee to act in the trustor’s (original owner’s) best interests. Section 3 of the Indian Trust Act 1882 provides that  “A Trust is an obligation annexed to the…

Definition and requirements to be called a Bank

A Bank is a financial institution that, generally, accepts deposits and makes loans. Deposits are money people leave in a banking institution with the understanding that they can get it back at any time or at an agreed-upon future time. A loan is a money let out to a borrower to be generally paid back…