Essence of Pledge and Pledgee’s right & duties
Pledge is only a special kind of bailment where the object of the delivery of assets/goods is to provide a security for a loan or for the fulfillment of an obligation. Section 148 of the Indian Contract Act, 1872 defines the” bailment”. Section 172 to 176 of the Indian Contract Act, 1872 deals with pledge…
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Definition of Assignment and actionable claim
When the rights, title and interest in debts due or accruing due to a person are transferred to another person, it is called assignment and actionable claim means any claim other than the debt to mortgage of immovable property or hypothecation or pledge of goods and receivables. Transfer of Life Insurance Policy, National Saving Certificates, Supply bills…
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Joint accounts of persons using thumb impression: RBI guidelines
[This blog 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 the…
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KYC/AML guidelines for opening bank account made simple
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…
Read article Aadhaar-Based KYC: Government Allows Self-Declaration of Current Address
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…
RBI Guidelines on Banking for Elderly and Incapacitated Persons
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…
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