RBI Governor Sanjay Malhotra Wednesday said the central bank will standardise the claims settlement procedure for bank accounts and lockers in favour of nominees of deceased customers.

The aim is to facilitate expeditious settlement of claims or return of articles or release of contents of safe deposit locker upon death of a customer and to minimise hardship caused to family members.

Under the provisions of Banking Regulation Act, 1949, nomination facility is available in respect of deposit accounts, articles kept in safe custody or safe deposit lockers.

Banks have a board-approved policy for settlement of claims and for nomination and release of contents of safety lockers. But there are no standardised procedures across banks for claim settlements and there may be some difference with respect to papers sought. 

Similar is the case for accounts without nomination. There is, thus, a requirement to simplify and standardise it.

SIP for T-bills 

The central bank plans to expand the functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans. They can automatically place bids in primary auctions of T-bills and systematically plan their investment.

The  enhanced retail access to treasury bills via SIPs is expected to deepen financial inclusion and boost investor confidence.

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 buy Government Securities (G-Secs) in primary auctions as well as buy and sell G-Secs in the secondary market.

Since the launch of the scheme, various new features, in terms of product as well as payment options, have been introduced, including launch of a mobile app in May 2024.