Banking Facility for Senior Citizens and Differently abled Persons

RBI in its circular RBI/2017-18/89 /DBR.No.Leg.BC.96/09.07.005/2017-18 dated November 9, 2017 observed that there are occasions when banks discourage or turn away senior citizens and differently abled persons from availing banking facilities in branches. In this regard, Developmental and Regulatory Policies, released by Reserve Bank of India on October 4, 2017 state that notwithstanding the need…

Aadhar mandatory for opening bank account,large transactions

The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The  existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…

Claim settlement by banks where survivor/nominee clause does not exist

There are two possibilities in a bank account maintained by a customer viz. (i)  a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc.  (ii) A deposit account is opened in…