mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday said the central bank will standardise the claims settlement procedure for bank accounts and lockers.
This is aimed at simplifying the process for settlement of claims in favour of nominees of deceased customers.
Besides, he said, 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.
“We will be standardising 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,” he said while addressing the third bi-monthly monetary policy.