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Q. Bank is asking NOC from the old signatories. Is it as per banking rules?

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Dipankar Dutta

posted 4 months ago

Q.Bank is asking NOC from the old signatories. Is it as per banking rules?
I am associated with a registered society. Two years ago we have opened a current account in a bank. Now we want to change the authorized signatories as per resolution of general body meeting of the society. We have submitted the resolution to the bank and KYC details of the new signatories. Now bank is asking NOC from the old signatories. Is it as per banking rules?

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 4 months ago

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A. ) Dear Sir,
You may approach another Bank since this Bank seems not following the prescribed rules.

Please call me and take legal consultancy on my mobile through the administrators of this website.

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Dipankar Dutta

Replied 3 months ago

Without this we can not withdraw money from this account. So we cannot go to another bank

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 4 months ago

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A. ) Yes . They are on right way. Without NoC not possible to you .

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Shreyash Mohta

Experience: 1 Year(s)

Responded 4 months ago

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A. ) Yes, you need to provide the bank with NOC of the previous signatories if you want the changes.
Thanks

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