Explain the following statements in brief on the point of reasoning: (iii) Nomination facility is provided to all Deposit Accounts.
CS Professional · Banking - Law & Practice · PYQS · December 2021
Explain the following statements in brief on the point of reasoning: (iii) Nomination facility is provided to all Deposit Accounts.
Answer & Explanation:
It is in pursuance of amendments in Section 45ZA to 45ZF of Banking Regulation Act, 1949. For easy and prompt settlement of claims of legal heirs of deceased constituents. To reduce legal costs to the heirs in getting legal representation. To inculcate confidence in the minds of depositors.
Topics: Banking Operations
Related Questions in this Topic
- A draft for ₹ 1,30,000 was purchased by a Govt. department in favour of a contractor. The same was sent by post. The dra...
- (b) "Leverage Ratio, Loan to Value Ratio and Debt Service Coverage Ratio are the three important Ratios while analysing ...
- Calculate the provision that needs to be earmarked by the Bank in respect of the following case: Outstanding Balance: ...
- What is meant by Off-Balance Sheet exposures of Banks?
- What is Clayton's Rule and how will it apply to Bank for closure of customer's account ?