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Reserve Bank of India (RBI) Governor Sanjay Malhotra announced standardisation of processes for settlement of claims relating to bank accounts and safe deposit lockers of deceased customers. The move aims 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.

RBI Governor further announced that banks across the country have launched a three-month long initiative for re-KYC of Pradhan Mantri Jan Dhan Yojana (PMJDY). A large number of accounts require re-KYC (Know Your Customer) update under this scheme.

"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 Malhotra highlighted the effort as part of a broader effort 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 credibility and functionality of Jan Dhan accounts.

These camps will not only assist in re-KYC and opening of new bank accounts, but will also focus on enrolment of beneficiaries in key financial inclusion products like micro-insurance and pension schemes. Additionally, this initiative will address customer grievances, and ensure that the rural and underprivileged population continue to benefit from the formal financial system without any disruptions.

The RBI Governor also announced that the functionality of the RBI Retail Direct platform will be expanded to enable 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.

With the inputs of ANI

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