RBI has clarified that it had not
intended to mandate banks to insist on appointment of a guardian as a matter of
routine from every person “who is in need of treatment by reason of any mental
disorder”. It would be necessary for banks to seek appointment of a guardian
only where they are convinced on their own or based on documentary evidence
available, that the concerned person is mentally ill and is not able to enter
into a valid and legally binding contract.
Based on RBI
Circular dt 11/02/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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