RRBs -Acknowledgement of Nomination/indicating Nominee Name in Pass Books/Fixed Deposit Receipts - ربی - Reserve Bank of India
RRBs -Acknowledgement of Nomination/indicating Nominee Name in Pass Books/Fixed Deposit Receipts
RBI/2008-09/477 May 13, 2009 All Regional Rural Banks Dear Sir, Banking Companies (Nomination) Rules, 1985 – Acknowledgement It has been brought to our notice that some Regional Rural Banks (RRBs) do not have the system of acknowledging the receipt of the duly completed form of nomination, cancellation and /or variation of the nomination. Further, it is also understood that in some RRBs, although there is a system of acknowledgement of nomination as provided in the Savings Bank account opening form, such acknowledgements are actually not given to the customers. In this connection, you may be aware that in terms of Rules 2 (9), 3 (8) and 4 (9) of the Banking Companies Nomination (Rules), 1985, they are required to acknowledge in writing to the depositor(s) / locker hirers (s) the filing of the relevant duly completed Form of nomination, cancellation and / or variation of the nomination. 2. Regional Rural Banks are therefore advised to strictly comply with the provisions of Banking Regulation Act, 1949 and Banking Companies (Nomination) Rules, 1985 and devise a proper system of acknowledging the receipt of the duly completed form of nomination, cancellation and / or variation of the nomination. Such acknowledgement should be given to all the customers irrespective of whether the same is demanded by the customers or not. Yours faithfully, |