RBI Governor Sanjay Malhotra on Wednesday announced key initiatives to make banking services more customer-friendly and inclusive. Among the major steps is the move to simplify and standardise the claims settlement process for bank accounts and safe deposit lockers of deceased customers to ease the burden on nominees trying to access funds.Addressing the third bi-monthly monetary policy, 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 said the move will help simplify and streamline procedures, making it easier for nominees or legal heirs to access funds and valuables without unnecessary delays or confusion, according to Statement on Developmental and Regulatory Policies released by RBI.Though banks are already required to follow simplified procedures for such cases under the Banking Regulation Act, 1949, the exact process and required documents often vary from one bank to another. To address this, the RBI will issue a draft circular soon for public feedback, with the aim of introducing uniform documentation requirements across all banks.Currently, nomination facilities are available for deposit accounts, articles kept in safe custody, and lockers. However, where nominations are missing, procedures vary widely, often leading to delays and confusion. The new framework will also seek to simplify claim settlements in such cases.In another step towards deeper financial inclusion, banks across India have launched a three-month re-KYC outreach campaign targeting accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY). With the scheme now completing 10 years, many accounts are due for KYC updates. From July 1 to September 30, banks will hold camps at the panchayat level to assist account holders with re-KYC and open new accounts.“The banks are for organising camps and Panchayat level from 1st of July to 30th of September in an endeavor to provide services at consumer doorsteps. Apart from opening new bank accounts and Re-KYC, the camps will also focus on micro Insurance and pension schemes for financial inclusion and customer grievance,” Malhotra said.The RBI also announced plans to expand the functionality of its Retail Direct platform to allow retail investors to invest in treasury bills (T-bills) through Systematic Investment Plans (SIPs).“We are expanding the functionality in RBI retail direct platform to enable retail investors to invest in treasury bills through systematic investment plans,” the RBI governor added.The new functionality helps investors to mandate automatic placement of bids in primary auctions of T-bills, it noted.
