Economics · Economy
Consider the following operational statements regarding special categories of bank customers: Statement 1: The operational guidelines for opening a savings account for a Foreign National of non-Indian origin visiting India on a short-term visa require the bank to obtain a copy of the passport and valid visa. The account can be maintained for a maximum period of six months. Statement 2: For accounts of students of foreign nationality, banks are allowed to open the account on the basis of the passport and visa alone, provided they submit proof of admission to an Indian educational institution, and the student is given 30 days to provide local address proof. Statement 3: When a bank opens an account for an illiterate customer, the bank must capture a thumb impression which must be attested by two independent witnesses known to the bank, and the customer is generally not provided with a cheque book facility. Statement 4: If an illiterate customer wants to open a joint account with a literate person, the bank allows 'Either or Survivor' or 'Jointly' mandates depending on requirements, provided safeguards against exploitation are explained. Statement 5: In the case of visually impaired persons, the Reserve Bank of India mandates that banks must provide all banking facilities including cheque books and ATM cards without discrimination. Statement 6: For a person suffering from a mental disability, an account can be opened and operated by a guardian appointed under the Mental Health Act or the National Trust Act upon submission of a guardianship certificate. Which of the following evaluations of these operational statements is correct?
- 1Only Statement 6 is correct.
- 2Statement 5 is incorrect because banks are restricted from giving cheque books to visually impaired people.
- 3All statements from 1 to 6 are correct.
- 4Statements 2, 3, 5, and 6 are correct, while Statement 1 is partially incorrect regarding rigid address proof timelines and Statement 4 is incorrect because standard mandates are highly flexible.✓
Correct answer
Statements 2, 3, 5, and 6 are correct, while Statement 1 is partially incorrect regarding rigid address proof timelines and Statement 4 is incorrect because standard mandates are highly flexible.
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