Monday, February 22, 2016
Legal Guardianship Certificates issued under the Mental Health Act, 1987
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