RBI proposes standardised claim settlement for deceased customers;...

added a post in Business

2025-08-10 16:35:15 -

RBI proposes standardised claim settlement for deceased customers; 15-day deadline, penalties for delay

The Reserve Bank of India (RBI) has proposed standardised forms and a uniform process for settling claims related to deceased customers' bank accounts, lockers, and safe custody items. A 15-day settlement deadline is proposed, with compensation for delays. The new guidelines aim to simplify procedures, bring uniformity across banks, and improve customer service, with implementation expected by...

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