What is a safe deposit locker and how to operate a locker?
Safe deposit lockers are specially designed lockers that are generally kept in specially built strong rooms for keeping the valuables of the hirer. In India, safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, and extra-large are purchased from reputed manufacturers to suit the…
Read article What is the procedure to be followed on death of a locker hirer?
The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
Read article 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…
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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