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Types of Customers
Who is considered a 'customer' of a bank under Indian banking law?
A customer is a person who maintains an account with a bank or has a regular dealing relationship with the bank, even without a formal account, as established in the case of Great Western Railway Co. v. London and County Banking Co.
What is the legal status of a sole proprietorship as a bank customer?
It has no separate legal entity from the proprietor.
What is the minimum requirement for a person to be classified as a bank customer?
There is no minimum period requirement; even a single transaction can make someone a customer if there is an intention to establish a continuing relationship with the bank.
What account type is typically opened for a sole proprietor by a bank?
Current account in the proprietor's personal name.
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