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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 1 year 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: 34 Year(s)

Responded 1 year ago

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

Thanks.

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Dipankar Dutta

Replied 1 year 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: 4 Year(s)

Responded 1 year 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: 2 Year(s)

Responded 1 year 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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