MUMBAI, India, Aug. 6 -- Reserve Bank of India issued the following press release:
This Statement sets out the developmental and regulatory policy measures relating to (i) Regulation; (ii) Financial Markets.
I. Regulation
1. Standardisation of procedure for settlement of claims in respect of deposit accounts of deceased customers of banks
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. This is intended 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. The extant instructions...