Power of attorney or letter of mandate

IT IS UPTO THE SATISFACTION OF THE BANK MANAGER. HE IS NOT SATISFYING WITH THE AUTHORITY. HE WANTS POWER OF ATTORNEY FOR THIS PURPOSE. IT IS HIS DISCRETIONARY POWER TO CLAIM POWER OF ATTORNEY. SOME OTHER MAY DO WITH AUTHORITY ONLY. BUT FOR THIS PERSON YOU HAVE TO PRODUCE POWER OF ATTORNEY. THERE IS NO NEED TO VERIFY THE RBI CIRCULARS FOR THIS PURPOSE.

You can file RTI Application to RBI DBOD FORT MUMBAI and can seek information as follows:

Information solicited:

1)Please provide the guidelines/directives that state about operations in one account by another as per wishes of the Main depositor.

2)Please inform whether POA is mandatory to operate the account as per RBI guidelines.

You can also file a similar application to that concerned PSB and can get that information.

Is the POA necessary to be on stamp paper, if my grandmother is givign it to me, as we are blood relatives?

Power of attorney is a legal document in which one person gives authority to another to do something on his behalf. The person on whom power of attorney made act as an agent for the person who made the attorney. The agent may have limited or unlimited powers on behalf of his principal as per mention under the contract between them.