The Government of India has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 to make the Know Your Customer (KYC) process more flexible and citizen-friendly. The amendment, notified on November 13, 2019, permits individuals to use their Aadhaar number for identification while declaring a current address different from the one recorded in…
Ensuring access to financial services for every citizen is a key goal of the Reserve Bank of India’s financial inclusion policy. Recognizing that elderly, sick, and incapacitated individuals often face difficulties in visiting branches or signing documents, the RBI has issued clear instructions to banks to make their services more inclusive and customer-friendly. These measures…
The Blind, illiterate, and other disabled persons can open and make certain bank account operations using thumb impressions. Bankers customarily extend helping hand to the disabled persons like sick/old/incapacitate who cannot be physically present to the bank, by offering special service to them. Many people have a confusion over why do officials ask for the…
(This article elucidates what is inclusive banking, RBI guidelines, accounts of disabled persons, visually impaired banking, and financial inclusion in India) Introduction Inclusive banking is not just a policy goal—it is a social responsibility. The Reserve Bank of India (RBI) has issued comprehensive guidelines to ensure that illiterate, visually impaired, and other persons with disabilities…
The Reserve Bank of India (RBI) has taken progressive steps to ensure that persons with disabilities (PwDs) enjoy equitable access to banking services. Recognizing that accessibility is a key pillar of financial inclusion, the RBI’s guidelines mandate that banks provide both physical and digital support systems — including doorstep services, accessible ATMs, and assistance in…
1. Introduction Ensuring equitable access to banking services for all individuals is a fundamental aspect of financial inclusion. Recognizing the challenges faced by visually impaired customers, the Reserve Bank of India (RBI) has issued detailed guidelines mandating that all banks provide comprehensive and non-discriminatory banking facilities to such individuals. These guidelines aim to remove physical,…
1. Understanding Partnership Firms A partnership is one of the oldest and most common forms of business organization, where two or more individuals come together to carry on a business and share its profits and losses. Each partner contributes skills, capital, or resources and, in return, becomes jointly and severally liable for the firm’s debts…
As banking regulations continue to emphasize transparency, traceability, and compliance, account opening procedures for non-individual customers such as clubs, societies, and associations have become more structured and documentation-driven. Banks are expected to not only verify the legal standing of such entities but also establish a clear understanding of the individuals authorized to manage their financial…
In India, nomination laws play a vital role in ensuring the smooth transfer of assets—such as bank accounts, insurance policies, mutual funds, and other holdings—after the death of the owner. While the nominee receives the asset, it’s important to understand that they are not always the ultimate legal owner. Instead, they often act as a…
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 the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…