time; *** (bvi) “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961); *** *** (bviiia ... target" means the inflation target determined in accordance with sub-section (1) of section 45ZA; (ca) “International Development Association” means the “Association” referred
Section 45ZA in The Banking Regulation Act, 1949
45ZA. Nomination for payment of depositors' money.
(1) Where a deposit is held by a banking company
read along with proviso of Section 45ZB and that of Sub-section (4) of Section 45ZA which have protected the right of any lawful person ... receipt, the bank is discharged. Sub-section (4) confirms such discharge.
45. But Sub-section (4) of Section 45ZA carries a proviso which
manner prescribed by rules made by the Central Government under section 45ZA of the Banking Regulation Act, 1949 (10 of 1949), one person ... manner prescribed by rules made by the Central Government under section 45ZA of the Banking Regulation Act, 1949 (10 of 1949). (3) Where the nominee
Section 45ZA in The Reserve Bank of India Act, 1934
45ZA. Inflation target
(1) The Central Government shall, in consultation with the Bank, determine
Section 10 in The Banking Laws (Amendment) Act, 2025
10. Amendment of section 45ZA. In the Banking Regulation Act of 1949, in section 45ZA
section (1) of section 45ZA or sub-section (1) of section 45ZC or sub-section (1) of section 45ZE, the nomination shall be effective only ... this section shall not apply to the nominations made simultaneously in favour of more than one person under sub-section (1) of section 45ZA
When there is nomination as per section 45ZA of Banking Regulation Act 1949,
the bank has to release the amount to the nominee and allowed ... bank is bound to release the amount to the
nominee under section 45ZA of the Banking Regulation Act. The respondent
also placed reliance on judgment
limits the obligation and liability of the bank.
43. Sub-section (1) of Section 45ZA defines a nominee. The nominee is such person to whom ... receipt, the bank is discharged. Sub-section (4) confirms such discharge.
45. But Sub-section (4) of Section 45ZA carries a proviso which
money and Section 452C deals with the rights of a nominee in respect of deposit of articles. Subsection (2) of Section 45ZA clearly provides that ... different provisions of Section 457A, dealing with deposit of money, of Section 45ZC dealig with deposit of article and of Section 45ZE dealing with safety
