The Reserve Bank of India (RBI) is set to streamline the claims settlement process for bank accounts and safe deposit lockers of deceased customers, announced Governor Sanjay Malhotra during the third bi-monthly monetary policy address. The initiative aims to simplify procedures and standardize documentation, reducing hardships for nominees and legal heirs.

Malhotra stated, “We will be standardizing the procedure for settlement of claims in respect of bank accounts and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make settlement more convenient and simpler.” Under the Banking Regulation Act, 1949, banks offer nomination facilities to facilitate swift claim settlements, but varying procedures across banks have caused inconsistencies. The RBI plans to issue a draft circular for public consultation to address this.

Additionally, the RBI is enhancing its Retail Direct platform by introducing systematic investment plans (SIPs) for treasury bills (T-bills). The new auto-bidding feature allows investors to automate bids in primary T-bill auctions, supporting both investment and reinvestment options. Launched in November 2021, the Retail Direct Scheme enables retail investors to open Gilt accounts, trade Government Securities (G-Secs) in primary and secondary markets, and access new features like a mobile app introduced in May 2024.

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The standardized claims process and expanded investment options reflect the RBI’s commitment to improving customer service and financial accessibility.

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