Querist :
Anonymous
(Querist) 02 February 2025
This query is : Resolved
Can a Public - State Government Company open an savings bank account and transact. If no, under which act or regulation it is prohibited (with section reference) and what are the consequences of operating savings bank account for transaction.
kavksatyanarayana
(Expert) 03 February 2025
According to RBI guidelines, savings bank accounts can be opened in the names of government departments/bodies/agencies to receive grants/subsidies for implementing various programs/schemes sponsored by the central / state government.
T. Kalaiselvan, Advocate
(Expert) 04 February 2025
a government company can open a savings bank account with a bank, but it needs to obtain authorization from the government department. The Reserve Bank of India (RBI) allows banks to open savings bank accounts in the name of government departments. The bank needs to keep a copy of the authorization from the government department on record. The authorization is required for the government department to open a savings bank account for grants or subsidies.
Dr. J C Vashista
(Expert) 04 February 2025
What is the actual dispute / problem / issue for consideration and obligation of experts on this platform ?
P. Venu
(Expert) 06 February 2025
Yes, what is the context for this query?
Trouble Logging in? Try following the given steps -
1. Visit your inbox to find a confirmation mail from LAWyersClubIndia.
2. Click on the confirmation link and confirm your signup