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Key Points

The RBI has introduced standardized procedures for settling claims on deceased customers' accounts and lockers to simplify the process. Banks are also conducting a three-month re-KYC drive for PMJDY accounts, ensuring financial inclusion through doorstep services. The initiative includes micro-insurance, pension schemes, and grievance redressal for rural beneficiaries. Additionally, the RBI Retail Direct platform will now allow SIP investments in treasury bills.

Key Points: RBI Standardizes Deceased Customer Account and Locker Claim Process

  • RBI to streamline deceased customer account claims
  • Banks launch 3-month re-KYC camps for PMJDY accounts
  • Doorstep services include micro-insurance and pension schemes
  • RBI Retail Direct expands to allow SIPs in treasury bills
2 min read

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

RBI Governor Sanjay Malhotra announces simplified claim settlement for deceased customers' accounts and lockers, along with PMJDY re-KYC camps.

"We will standardize the procedure for settlement of claims... making it more convenient and simpler - RBI Governor Sanjay Malhotra"

Mumbai, August 6

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

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Reader Comments

S
Shreya B
The re-KYC camps are a great initiative but implementation will be key. Many rural areas still don't have proper banking facilities. Hope they don't just do token camps for PR but actually cover all villages properly.
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Aditya G
About time! Dealing with bank lockers after a family member's death is more painful than the loss itself. Had to submit same documents 5 times to different officers last year. RBI should also penalize banks who don't follow these new guidelines.
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Priya S
The SIP in treasury bills is interesting but will retail investors really understand this? Most Indians still prefer FDs and gold. RBI should focus more on financial literacy along with these products.
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Karthik V
Good steps but RBI needs to ensure banks don't misuse re-KYC to harass customers. My mother was asked for unnecessary documents last month saying it's for KYC update. Standardization should mean standard documents required across all banks.
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Neha E
The micro-insurance and pension schemes at panchayat level could be game changer for rural women 👏 Many self-help groups have been asking for such doorstep services. Hope they properly train banking correspondents to explain these products.

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