Prohibition and exemption under the Banking Regulation Act
The Reserve Bank of India has been issuing statutory guidelines to commercial banks under the Banking Regulation Act 1949. The banks in India accordingly shall follow the terms and conditions as specified in the regulations in respect of deposits accepted by the banks. The detailed guidelines of the banking regulator cover the following matters. Exemptions…
Read articlePersonal accounts and other customer accounts in Banks
A personal account is a bank account maintained by a natural person for his personal transactional needs. Personal account is a relative term to distinguish it from business accounts. The accounts of other types of bank customers are maintained by artificial persons (legal entities). Personal accounts of individuals in the bank include: SB account, Current…
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Banking Laws Amendment Bill 2024 introduced In Lok Sabha: What’s new in law?
Finance Minister Nirmala Sitharaman on Friday introduced in the Lok Sabha the Banking Laws (Amendment) Bill, 2024, which seeks the following changes in existing laws. “To improve bank governance and enhance investors’ protection, certain amendments to the Banking Regulation Act, the Banking Companies Act, and the Reserve Bank of India Act are proposed,” FM said…
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What are the powers of Karta in HUF?
The Karta is traditionally the senior most male coparcener of the Hindu Undivided Family (HUF). He is the person who takes care of the day-to-day expenses of the family looks after the family and protects the joint family properties. He remains to be Karta even if he becomes aged, infirm, or ailing. Where a senior…
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Opening of Proprietorship/ HUF/ Liquidator/ Trust/Govt. accounts in banks
While opening opening Current Accounts of all categories of depositors including proprietors, partners, trustees, settlers, beneficiaries those holding power of attorney, founders, managers, directors, etc. the customers need to submit ‘know your customer’ related official valid documents of the entities and natural persons behind the entities. As per RBI guidelines, in addition to seeking NOC…
RBI: “Delegate Payment” introduced to allow another user, “tax payment “can be done up to 5 lakh through UPI payment
RBI on Thursday (August 8, 2024) in its Statement on Developmental and Regulatory Policies announced two major changes in the UPI payment system. It is proposed to introduce a facility for “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a…
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