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

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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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

Experience: 1 Year(s)

Replied 1 month ago

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

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

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 2 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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Shreyash Mohta

Experience: 1 Year(s)

Responded 2 months ago

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Categories
Administrative Law (467)
Adoption (125)
Advertising (59)
Animal Laws (40)
Arbitration and Medi... (50)
Aviation (16)
Banking (590)
Bankruptcy and Debt (200)
Cheque Bounce (422)
Child Custody (165)
Civil (2150)
Commercial (93)
Consumer Protection (582)
Contracts and Agreem... (486)
Corporate and Incorp... (114)
Criminal (1680)
Customs, Excise (42)
Cyber, Internet, Inf... (349)
Debt and Lending Agr... (79)
Debt Collection (178)
Divorce (663)
Divorce and Separati... (1600)
Documentation (314)
Domestic Violence (644)
Election Campaign an... (23)
Employment and Labou... (1167)
Environment and Natu... (31)
Equipment Finance an... (3)
Family (2056)
Financial Markets an... (101)
Government Contracts (56)
Human Rights (277)
Immigration (56)
Industrial Laws (66)
Insurance (81)
Intellectual Propert... (110)
International Laws (12)
IT Contracts (54)
Juvenile (17)
Landlord and Tenant (624)
Licensing (21)
Mail Fraud (18)
Maternity (61)
Media, Communication... (16)
Mergers and Acquisit... (20)
Military Laws (15)
Motor Accident (144)
Muslim Laws (60)
Outsourcing Agreemen... (5)
Partnership (64)
Police Laws (64)
Power of Attorney (75)
Privacy (97)
Property (3006)
Real Estate (433)
Registration (139)
RTI (111)
Sale (57)
Sale of Goods (20)
Sex Crime (142)
Sexual Harassment (6)
Sexual Harassment at... (69)
Software License (4)
Tax (19)
Tax-GST (10)
Tax-Income Tax (26)
Tax-Property Tax (33)
Telecommunication (13)
Torts (22)
Transportation (64)
Trust and Society (N... (89)
Will (144)
Work Permits (33)
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