Mumbai, Aug. 6 -- Sanjay Malhotra, Governor of Reserve Bank of India (RBI) announced the standardisation of procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers, aiming 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.

Malhotra further announced that banks across the country have launched a three-month long outreach initiative for re-KYC ...