Legal Question in Banking Law in India
In my cc account, insurance of the stock was done by bank every year without giving me any information of the insurance. This year,
bank didn't insured my stock and also did not gave me any information that the insurance is done or not.
So, is it compulsory for the bank to insure my stock every year. If they do not do so, are they responsible for any theft of the stock under banking act
7A or any other act. If they are responsible under any other act, then kindly tell me under which act are they responsible.
Asked on 6/13/12, 8:07 am
1 Answer from Attorneys
www.lawconcern.com S.Seshadri
www.lawconcern.com
You only are responsible for insuring the stock by informing the bank.
Answered on 7/04/12, 10:29 pm
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