RBI To Standardise Claim Settlement Process For Deceased Customers' Bank Accounts, Safe Deposit Lockers

Reserve Bank of India Governor Sanjay Malhotra announced three Additional Measures in today's RBI Policy.

Mumbai: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday announced the standardisation of procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers.

Announcing the RBI August Bi-monthly policy, Governor Malhotra said, "We Will be standardising the procedure for settlement of claims in respect of bank accounts and articles kept in safe custody or, in other words, safe deposit lockers of deceased Bank customers. This is expected to make settlement of such claims more convenient and simpler.

Malhotra announced three Additional Measures in today's RBI Policy.

"Before I conclude, let me underline that for us at RBI, the interest and welfare of the citizens of India is foremost. It is the people of India, including those at the bottom of the pyramid, who are our raison detre, or the reason of our being. In this regard, I have three consumer-centric announcements to make," he said.

One, as Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC. The banks are organising camps at Panchayat level from 1st July to 30th September, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress.

The second one on standardization of claim settlement process for deceased customers.

Third is the expanding of functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans.