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
complainant/nominee.
The law is very clear in this aspect. Sec.45ZA (2) Banking
regulations Act,1949 makes it clear that the bank is bound
account opening form.
(iv) The right of nominee is described in section 45ZA as per Banking Regulation Act,
1949 and is "where a deposit ... banking company". For more details kindly refer to section
45ZA as per Banking Regulations Act, 1949 .
(v) No.
(vi) Bank has a single
Apart from the above circumstances, according to the
provisions of Section 45ZA (2) of the Banking Regulation Act, 1949 the Bank was
supposed to make ... whom payment was
made under nomination. For ready reference provisions of Section 45ZA of the
Banking Regulation Act, 1949 are quoted hereunder :-
- 4-
"45ZA
misleading information
has been provided to him. Moreover, as per Section 45ZA of the Banking
Regulation Act r/w Section 2(7) of Banking Companies
Trust as his nominee, which was clearly against the provisions of Section 45ZA(1) of Banking Regulation Act, 1949 according to which, nomination ... other organization or any office bearer thereof in his official capacity. Section Section 45ZA (1) of Banking Regulation Act, 1949 reads thus:-
"45ZA. Nomination
