How to deal with bank accounts of lunatic person?

Dealing with accounts of lunatic and insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation in such customer’s account shall be immediately stopped. While dealing with such accounts, bankers need be to extra careful.  Any act of stopping…

What are core components of KYC/AML guidelines?

RBI has been imposing heavy penalties on banks who have not complied or the account opened in contravention of various directions and instruction issued by it, which includes failure to obtain adequate documents for opening accounts, failure to carry out identification procedures, failure to examine control structure of entities. The process of identification of person/s…