The Reserve Bank of India is going to create standards related to the claim settlement process for bank accounts and lockers. Its purpose is to make the process of disposal of claims in favor of the nominees of the deceased customers. Central bank governor Sanjay Malhotra said this on Wednesday. Malhotra said that the central bank is working on a plan to expand functionality in the RBI Retail-Direct platform. With this, retail investors will also be able to invest in treasury bills through systematic schemes.
Exercise to make the process of disposal of claims easier: Sanjay Malhotra
Addressing the third bi -monthly monetary policy of the year 2025, he said, “We will make standard to make the process of disposal of claims associated with bank accounts and safe custody or safe deposited lockers of the deceased bank customers. This is expected to be more convenient and simple.”
Under the provisions of the Banking Regulation Act, 1949, enrollment facility related to the accounts deposited in the accounts, items or safe deposits in safe custody is available. According to the RBI, its objective is to quickly settle claims or return the contents of the safe deposit locker and reduce the difficulty of family members when the customer dies.
According to the current instructions, banks have to adopt an easy process of early and hassle -free settlement of claims made by Survivor/Nominated Person/Legal Successors. However, processes are different in different banks. A statement said, “It has been decided to simplify the procedures and standardize the documents presented to the banks. A draft circular in this regard will be issued soon for public consultation.”
This announcement was made about investment in treasury bills
Currently, all banks have their own systems and procedures of claims regarding account and locker on behalf of the deceased dependents. These can be made easier. Treasury bills (T-Bill) have also been announced in investment. RBI has said that new initiatives will help investors to make a systematic plan of their investment. Auto-bidding feature for T-Bills, which includes both investment and re-options, is enabled in retail directs. New functionality will help investors automatically apply dialects in the primary auction of T-Bills.
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 purchase government securities (G-Sek) in primary auction as well as to buy and sell G-Sek in the secondary market. Since the launch of the scheme, various new facilities have been introduced in terms of products as well as payment options, under which a mobile app has also been launched in May 2024.
(Tagstotranslate) RBI (T) Settlements of Claims (T) Business News in Hindi (T) Business Diary News in Hindi (T) Business Diary Hindi News (T) RBI
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