Prashant Bhatt
In case of loss of receipt of gold loan i.e. (receipt of gold pledge in the multi state co-operative bank) bank is asking for indemnity which must be signed by 2 witnesses. They also want that witnesses must be a member of the bank. Is it mandatory that witnesses of indemnity must be a member of the bank?
This bank is a multi state co-operative bank.
I C Naik
Loan is under a contract between borrower and bank. Contractual terms are subject to mutual agreements and unless a term is illegal or accepted under undue influence of one party on another, it is binding. In this case if these terms are fixed under contract there is no option but to comply.