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
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
denied to pay the interest by violating section
45ZA (2) of Banking Regulation Act 1949.
13. The plaintiffs requested to the defendant ... nominee. The defendant No.1 and 2 are not disputing the
section 45ZA (2) of Banking Regulation Act 1949. The
defendant
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
been appointed nominee in the prescribed form as required under Section 45ZA of Banking Regulation Act, and Rule 2(1) of the Banking Companies (Nomination ... provisions of sub-section (2) of Section 8 of the Act."
6. Although the wording Section 45ZA of the Act is not identical
Jayanand Jayant Salgaonkar vs Jayashree Jayant Salgaonkar And 9 Ors on 31 March, 2015
Equivalent
valid, since
it did not conform to the prescriptions of Section 45ZA of the
Banking Regulations Act, 1949. It should have been in the
name ... extinguished because of
such nomination.
8. However, nomination referred to in section 45ZA,
coming under Part IIIB of the Banking Regulation
Mr. Nanak S. Ghatalia vs Urmila S. Ghatalia (Deceased) on 31 March, 2015
Author: G
cancelled in the prescribed manner.”
14. A bare reading of Section 45ZA of the Banking Regulation Act,
1949 as reproduced above shows that any depositor ... wherein
the Hon'ble Supreme Court of India while interpreting Sec.45ZA(2) of
Banking Regulation Act has held as follows:
“ Sec.45ZA
Judg.wp.240.2024 and wp.241.2024.odt
"Sub-section (2) of section 45ZA, reads as follows :
'45ZA. (2) Notwithstanding anything contained ... under section 6(1) of the Government Savings Certificates Act,
1959, is materially and substantially the same as the provision
of section 45ZA
