RBI asks urban co-operative banks to modify FD form

....RBI had earlier asked UCBs to incorporate such a clause in the account opening form, however, it said, "UCBs which have neither incorporated such a clause in the account opening form nor taken adequate measures to make the customers aware of the facility of such mandate, cause unnecessary inconvenience to the 'surviving' deposit account holders(s). "UCBs are, therefore, advised to invariably incorporate the aforesaid clause in the account opening form and also inform their existing as well as future term deposit holders about the availability of such an option." ....... 

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