Q: Whether two illiterate people (thumb impression) open a joint account? R: Normally, Banks do not allow the opening of joint accounts of two illiterate persons. However, at the discretion of the bank, they may allow the opening of accounts of closely related people like illiterate husband and wife under the condition that the account…
The government on Wednesday (November 13, 2019) amended the anti-money laundering rules to allow people to use Aadhaar for identification and yet use the current address different from the address as per the Aadhaar document. In the direction of prevention of Money Laundering (maintenance of records) Rules 2005, in rule 9, after sub-rule 18, the…
India is a signatory to the United Nations Convention on the Rights of Persons with Disabilities, 2006(UNCRPD) which provides the same human rights to persons with disabilities that everyone else enjoys. Section 5.2 of UNCRPD establishes internal equality between physical and mental disabilities. In view of UNCRPD resolutions, we in India have an international obligation…
The United Nations Convention on the Rights of Persons with Disabilities, which clearly commits to the rights of persons with disabilities and their access to services. Article 9 of the Convention enables persons with disabilities to live independently and participate fully in all aspects of life and also gives them access to facilities and services…
Atal Pension Yojana (APY) was launched on 9th May 2015. The Savings Bank account holder in the age group of 18 to 40 years in any bank or post office is eligible to subscribe at Atal Pension Yojana (APY). The subscriber has to make monthly contributions of the defined amount until he or she is…
Savings Bank (SB) accounts are opened in the bank mainly for saving purposes. Customers cannot open an SB account for business purposes. Let us find out who is eligible and who is not eligible to open SB accounts. The following entities are eligible to open SB accounts in a bank:- (i) SB Accounts…
With effect from September 1, 2019, Banks are required to frame Board approved policy / operational guidelines in respect of certain changes in Basic Savings Bank Deposit (BSBD) Accounts in the interest of better customer service. RBI on August 2, 2019, asked Banks to offer the following basic minimum facilities in the BSBD Account, free…
In terms of Consumer Price Index Numbers announced by Labour Bureau of India, the average index numbers for January 2019 to March 2019 works out to 7022.76. It means bank staff will get 34 slabs increase in DA for the ensuing quarter May 2019 to July 2019. In the other words Bank Staff will get…
RBI in its circular RBI/2017-18/89 /DBR.No.Leg.BC.96/09.07.005/2017-18 dated November 9, 2017 observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. In this regard, Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 state that notwithstanding the need…
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…