How a bank returns safe custody articles to nominee/legal heir?
When a sole depositor of safe custody article dies, the article deposited in the bank may be returned to the nominee if nomination is available. The nominee shall submit death certificate of deceased depositor and identification of nominee. If there is no nomination available, article may be returned to the legal representative of the deceased…
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What is Consumer Protection Act 1986 (CPA/COPRA)?
The Consumer Protection Act (COPRA) 1986 was enacted by the Government of India. The act spells out the rights of the Consumer and the responsibilities of the supplier. The law provides the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected therewith. Sec. 2 (1) (d) of…
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How to deal with accounts of insolvent person?
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…
Read article Whether bank can sanction loan to a mentally retarded person?
The public sector banks are required to extend loans to the persons suffering from austim, retardness, as per Government policy. However, the question is for what purposes loans would be granted to retarded persons and how a bank can grant a loan to mentally retarded person as we are sure that bank cannot directly grant…
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What is National Payments Corporation of India?
National Payments Corporation of India was registered under section 25 of companies’ act 1956 and became functional from April 2009 as an umbrella organization for all retail payments system in India. It was promoted by ten banks namely; State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India,…
What is the role of Clearing Corporation of India?
The Clearing Corporation of India Ltd. (CCIL) was set up in 2001 commenced business operations in the securities market on February 15, 2002. CCIL provides an institutional infrastructure for the Clearing and Settlement of transactions by banks, financial institutions and primary dealers, in Government Securities, Money Market instruments, Foreign Exchange and other related products. The…
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