How does a bank deal with accounts of mentally ill or lunatic persons?

Dealing with accounts of mentally ill or lunatic or an insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation in such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be…

What are core components of KYC/AML guidelines?

RBI has been imposing heavy penalties on banks who have not complied or the account opened in contravention of various directions and instruction issued by it, which includes failure to obtain adequate documents for opening accounts, failure to carry out identification procedures, failure to examine control structure of entities. The process of identification of person/s…