There will be no mess now! It will be easy to claim bank accounts and lockers of the dead, RBI Governor’s announcement
Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Wednesday that the central bank will make the process smooth and standardized for the disposal of the bank accounts, locker’s claims. The purpose of this initiative is to simplify the process of disposal of claims in favor of nominees of dead customers. Malhotra said that in addition, the central bank, RBI is planning to expand the functionality of the ‘Retail-Direct’ platform to invest in Treasury Bill (Government Securities) through systematic investment schemes (SIPs). Giving information about the third bilateral monetary policy review of the current financial year, he said that we are taking steps to standardize the process of disposal of claims related to the goods kept in bank accounts and goods kept in the locker. This is expected to make disposal more convenient and smooth.
Its purpose to settle claims early
Under the provisions of the Banking Regulation Act, 1949, the facility of ‘nominee’ is available in relation to goods kept in deposited accounts, lockers. According to the RBI’s statement on the developmental and regulatory policies, it aims to quickly settle claims or return the contents of the safe deposit locker on the death of the customer and to reduce the difficulty of family members. According to the current instructions, banks need to adopt a simplified procedure to facilitate early and hassle -free settlement of ‘nominee’ individuals/legal heirs. Currently these processes vary in different banks. According to the RBI, it has been decided to streamline procedures and standardize the documents to be presented to banks.
Draft will be released soon
A circular draft in this regard will soon be released for public consultation. “Currently, all banks have their own systems and procedures regarding claims related to account and locker by the deceased’s ‘nominee’ person. Similarly, there may be some variation in the processes of banks for accounts without ‘nominee’. This step will make the process standardized and simple.
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