In its third bi-monthly monetary policy meeting, the Reserve Bank of India’s (RBI) panel members have decided to standardise 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.
The move is aimed at simplifying the process for settlement of claims in favour of nominees of deceased, and also for accounts without nomination.
“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 settlement more convenient and simpler,” said Sanjay Malhotra, Governor, RBI, while addressing the monetary policy meeting.
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While the nomination facility in respect of deposit accounts, articles kept in safe custody or safe deposit lockers is available under the provisions of Banking Regulation Act, 1949; the procedures to facilitate settlement of claims made by survivors/nominees/legal heirs vary across banks.
A statement released by the RBI on the Developmental and Regulatory Policies stated that the central bank’s extant instructions are intended to facilitate expeditious settlement of claims or return of articles or release of contents of safe deposit locker upon death of a customer and to minimise hardship caused to family members.
"With a view to enhance customer service standards, it has been decided to streamline the procedures and standardise the documentation to be submitted to the banks. A draft circular in this regard shall be issued shortly for public consultation," it said.
Malhotra also informed that the central bank plans to expand the functionality in RBI Retail-Direct platform to enable retail investors to put in money in treasury bills through systematic investment plans.
An auto-bidding facility for T-bills that covers both investment and re-investment options has been enabled in ‘Retail Direct’ to mandate automatic placement of bids in primary auctions of T-bills, the bank’s statement said.
The Retail Direct portal was launched in November 2021 to facilitate retail investors to open their Gilt accounts with the Reserve Bank under the Retail Direct Scheme.
The scheme allows retail investors to buy Government Securities (G-Secs) in primary auctions as well as buy and sell G-Secs in the secondary market.
Since its launch, various new features in terms of product as well as payment options, have been introduced, including the launch of a mobile app in May 2024.
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