RBI Cir­cu­lars on Nom­i­na­tion

Consumer Voice - - Bfsi Guide -

In 1983, Bank­ing Reg­u­la­tion Act, 1949, was amended by in­tro­duc­ing new Sec­tions 45ZA to 45ZF. In 1985, the Bank­ing Com­pa­nies (Nom­i­na­tion) Rules were framed. Sec­tions 45ZC to 45ZF of Bank­ing Reg­u­la­tion Act, 1949, pro­vide for nom­i­na­tion and re­lease of con­tents of safety lock­ers/safe cus­tody ar­ti­cles to the nom­i­nee and pro­tec­tion against no­tice of claims of other per­sons. Banks should be guided by the pro­vi­sions of Sec­tions 45ZC to 45ZF of Bank­ing Reg­u­la­tion Act, 1949, and Bank­ing Com­pa­nies (Nom­i­na­tion) Rules, 1985, and the rel­e­vant pro­vi­sions of In­dian Con­tract Act and In­dian Suc­ces­sion Act.

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