SRINAGAR: The Reserve Bank of India (RBI) on Wednesday, as per multiple media reports, announced its decision to standardise and simplify the procedures for settling claims related to deposit accounts, safe custody items, and safe deposit lockers of deceased bank customers. The aim is to reduce the difficulties faced by bereaved families in accessing the assets due to them.
Currently, claim settlement procedures vary across banks. To enhance customer service and ensure uniformity, the RBI plans to streamline and standardise these processes and the required documentation.
RBI Governor Sanjay Malhotra as per Economic Times report stated, “We will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make the settlement more convenient and simpler.”
A draft circular outlining the proposed guidelines will soon be released for public consultation.
Under the Banking Regulation Act, 1949, banks offer nomination facilities for deposit accounts and locker contents to facilitate faster settlement or return of assets after a customer’s death. While current guidelines encourage simplified claim procedures, these differ between banks, often causing delays and inconvenience.
To further support retail investors, the RBI also announced the introduction of an **auto-bidding facility for Treasury Bills (T-bills) under the Retail Direct platform. This feature allows investors to automatically place bids in primary T-bill auctions for both new investments and re-investments, enabling better investment planning.
Launched in November 2021, the Retail Direct Scheme allows retail investors to open Gilt accounts with the RBI and invest in Government Securities (G-Secs). Since then, several enhancements have been made, including a mobile app launched in May 2024.
