(a) whether banks are not following the instructions of RBI regarding recording of
nomination facility on the face of bank account passbook/term deposit receipt;
(b) if so, the reasons therefor; and
(c) the measures taken to ensure implementation of RBI decision ?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATH) :
(a) to (c) Instructions have been issued from time to time by the Reserve Bank of India
regarding nomination facilities to be extended to bank depositors. In May,1999 banks
were advised to introduce the practice of recording on the face of the Pass Books and
on Term Deposit Receipts the position regarding availment of nomination facility. There
is no information to the effect that the banks are not following the advice of the RBI
in this regard.