......It would be best if, on the term deposit receipt itself, there is a stamped and signed endorsement by the bank that “in the event of death of a depositor premature termination would be permitted.” The RBI circular of June 2005 softened the blow on the family of the deceased depositor and this circular was finalised after intense scrutiny by the then Governor, Dr Reddy; the Deputy Governor, Ms K.J. Udeshi, the Executive Director, Ms Usha Thorat; and the Chief General Manager, Department of Banking Operations and Development, Mr Anand Sinha. The present top management of the RBI should review the November circular. How many families should suffer before the RBI realises that too many have suffered?
Business Line : Columns / S S Tarapore : When death visits a bank depositor
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