RBI Governor Unveils Simplified Claims Settlement and Expanding Retail Direct Platform

Reserve Bank of India Governor Sanjay Malhotra announced plans to standardize the claims settlement process for bank accounts and lockers. Additionally, the RBI aims to enhance the Retail Direct Platform, enabling systematic investments in treasury bills by retail investors, promoting convenience and accessibility in financial services.

The Reserve Bank of India's Governor, Sanjay Malhotra, unveiled a significant move on Wednesday to streamline the claims settlement process for bank accounts and lockers.

The initiative seeks to make it easier for nominees of deceased customers to expedite claims. This will be complemented by enhancing the RBI's Retail Direct platform, allowing retail investors to execute systematic investment plans in treasury bills.

These developments, spearheaded under the Banking Regulation Act's provisions, aim to improve the financial experience for both bank customers and investors, offering more uniform procedures across banking institutions and expanding investment options.

(With inputs from agencies.)