Cancellation of nomination under section 45ZA

The purpose of this form is served under 45ZA of the Banking Regulation Act, 1949 states  nomination for payment of depositors money  which means where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together, may nominate, in the prescribed manner, one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the banking company. Section 56 of this Act states the act to apply to co-operative societies subject to certain modifications whereas Rule 2(5) of Co-operative Banks (Nomination) Rules, 1985 states notification in respect of deposits which gives that the cancellation of the said nomination to be made by the depositor or, as the case may be, all the depositors together, shall be in Form DA 2.

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