The settlement of claims in respect of missing persons being done under the provisions of Section 107 / 108 of the Indian Evidence Act, 1872. Section 107 deals with the burden of proving whether a missing person is alive or dead and the burden of proving that he is dead is on the person who…
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme, which is administered by LIC, offers life insurance cover worth Rs 2 lakhs to all the bank SB account holders between 18 to 50 years of age at a premium of Rs 330 per annum. Settlement of Claim The nominee has to approach the Bank where the…
The Government of India has since amended the prevention of money laundering rules 2005, keeping in mind the problems faced by person who change their name due to marriage or otherwise, in submitting ‘officially valid documents’. In rule 2 (1) clause (d) of PML third amendment, an explanation is inserted which reads as under. “Explanation:…
The shipping or airlines company incorporated outside India can open, hold and maintain non-interest bearing foreign currency account with AD category-I bank in India. The balance available in that type of foreign currency account can be used by Shipping or Airlines Company for the purpose of local expenses. The AD banks who open such foreign…
The Government of India has provided additional relaxation for the purpose of address in addition to the relaxation in proof of identity under simplified measures of PML rules. Accordingly RBI has notified that the following additional documents are deemed to be Officially Valid Documents (OVD) for proof of address. Utility bill which is not more…
Under the PMJDY scheme, a person opening a Bank account for the first time is offered a RuPay Card free of charge. In addition, people who have opened a bank account during the period from 15-08-14 to 26-01-15, or any additional period as may be extended further by the government of India, will be covered…
The aim of introducing ‘Basic Savings Bank Deposit Account'(BSBDA) is a part of the efforts of RBI to promote ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account. In BSBDA, the account holder gets the basic banking services with minimum common facilities either with nil or very low minimum…
The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section. Special Benefits under PMJDY Scheme The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accidental…
RBI has been imposing heavy penalties on banks that have not complied or the account opened in contravention of various directions and instructions issued by it, which includes failure to obtain adequate documents for opening accounts, failure to carry out identification procedures, and failure to examine the control structure of entities. However, to help the…
[This web page offers information on how banks open accounts of illiterate persons, blind and partially blind persons other disabled persons] 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…