Legal Question in Banking Law in India
Sir/madam
If we give witness for an unknown person to open an account in a bank, what problems we face? And we don't have account in that bank and we are below 18 years now.
Asked on 8/31/13, 10:28 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
01.09.2013
Dear Sir / Madam,
Your introductory witness is invalid on two counts : 1) As per banking rules, only an existing A/c holder in the bank can remain a witness to another &; 2) A minor cannot remain a witness. You cannot face any problem since the bank is also required to confirm that the new A/c opener has duly fulfilled all KYC norms before opening the A/c.
Regards,
Answered on 9/01/13, 8:49 am
Related Questions & Answers
-
My husband had a personal loan which has a due of Rs. 3.6 lac's. He passed away last... Asked 8/30/13, 8:40 am in India Banking Law
-
Dear Sir, One Builder say "A" has gifted two flats in his wife's name and... Asked 8/30/13, 2:56 am in India Banking Law
-
ABC has taken loan from a bank with guarantee of XYZ, ABC defaulted in repayment of... Asked 8/29/13, 2:28 am in India Banking Law
-
Whether liabilities of a person can be recalled in parts or they should be recalled... Asked 8/27/13, 5:34 am in India Banking Law
-
One of my best friend has offered me 15crores as a gift! She will be depositing that... Asked 8/26/13, 12:50 pm in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
