RBI Guidelines on Accounts for Persons with Disabilities: Ensuring Inclusive Banking Access
The Reserve Bank of India (RBI) has taken progressive steps to ensure that persons with disabilities (PwDs) enjoy equitable access to banking services. Recognizing that accessibility is a key pillar of financial inclusion, the RBI’s guidelines mandate that banks provide both physical and digital support systems — including doorstep services, accessible ATMs, and assistance in…
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RBI Guidelines on Banking Facilities for Visually Impaired Customers
1. Introduction Ensuring equitable access to banking services for all individuals is a fundamental aspect of financial inclusion. Recognizing the challenges faced by visually impaired customers, the Reserve Bank of India (RBI) has issued detailed guidelines mandating that all banks provide comprehensive and non-discriminatory banking facilities to such individuals. These guidelines aim to remove physical,…
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Partnership and Limited Liability Partnership: Banking Requirements for opening account
1. Understanding Partnership Firms A partnership is one of the oldest and most common forms of business organization, where two or more individuals come together to carry on a business and share its profits and losses. Each partner contributes skills, capital, or resources and, in return, becomes jointly and severally liable for the firm’s debts…
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Opening Current Accounts for Clubs, Societies, and Associations: Key Documents and Regulatory Requirements
As banking regulations continue to emphasize transparency, traceability, and compliance, account opening procedures for non-individual customers such as clubs, societies, and associations have become more structured and documentation-driven. Banks are expected to not only verify the legal standing of such entities but also establish a clear understanding of the individuals authorized to manage their financial…
Read article Nomination in India: What You Need to Know About Asset Transfers After Death
In India, nomination laws play a vital role in ensuring the smooth transfer of assets—such as bank accounts, insurance policies, mutual funds, and other holdings—after the death of the owner. While the nominee receives the asset, it’s important to understand that they are not always the ultimate legal owner. Instead, they often act as a…
Nomination facility for bank accounts/NSC/LIC/Mutual Funds/PPF explained
The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking Companies (Nomination) rules 1985 and the relevant provisions of the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…
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