RBI to standardise claim settlement process for deceased customers' accounts and lockers

Mumbai (Maharashtra) [India], August 6 (ANI): Sanjay Malhotra, Governor of Reserve Bank of India (RBI) announced the standardisation of procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers, aiming to simplify and streamline the overall claims process.

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, RBI Governor added during the announcements of policy rates on Wednesday.

Malhotra further announced that banks across the country have launched a three-month long outreach initiative for re-KYC of Pradhan Mantri Jan Dhan Yojana (PMJDY).

A large number of accounts under the scheme are now due for re-KYC (Know Your Customer) updates.

As Jan dhan scheme Launched about 10 years ago, completes. Now, the decade, a large number of accounts have therefore become due for Re-KYC. The banks are for organizing 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.

Announcing the initiative, RBI Governor Sanjay Malhotra highlighted the effort as part of a broader push to strengthen last-mile access to financial services. The camps are aimed at bringing services to customers doorsteps, he said, underlining the role of re-KYC in maintaining the integrity and functionality of Jan Dhan accounts.

These camps will not only assist with re-KYC and the opening of new bank accounts, but also focus on enrolling beneficiaries into key financial inclusion products such as micro-insurance and pension schemes. In addition, the initiative will address customer grievances, ensuring that rural and underserved populations continue to benefit from the formal financial system without disruptions.

The RBI Governor also announced that the functionality of the RBI Retail Direct platform will be expanded to allow retail investors to invest in treasury 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, Malhotra added. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.