Page 54 - DMGT303_BANKING_AND_INSURANCE

Unit 3: Concept of Retail Banking

11. Married Women Notes

The features are as follows:
A separate legal entity
Sec 14 of Hindu Succession Act provides that property of a Hindu female is her absolute
property.
Can raise loans against her own property
Solvency not related to her husband

Husband liable for her debts if:
a. Has consented and stands surety
b. Loans availed for necessities of her life.
Can be an executor or administrator without any help or guidance.

12. Pardanashin Women

A household woman whether observing purdah or not is known as Pardanashin woman. These
ladies are competent to open a bank account in their own name if such a lady is literate and can
sign her name there is no difficulty in opening an account but in case of an illiterate woman, it
is difficult due to the Problem of verification of her thumb impression and sometime even to
identify. There fore the bankers generally avoid opening such an account and suggest the opening
such an account and suggest the opening of a joint account with some literate person as an
alternative and he operate her account through attorney.
Literate Person:

1. Introduction
2. NIC + Photograph
3. Salaried —— Service Certification
4. Confirmation of Address.

Illiterate Person:
1. Introduction
2. NIC +Photograph Photos
3. Specimen Signature Card

4. Thumb Impression
5. Self Presence
6. No cheque Issuance

13. Intoxicated Person

Features are:

Contracts made by a person in drunken state are void
Payment to an intoxicated person is to be made only after taking two independent witnesses
regarding the condition of the person.

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