What changed
RBI reiterated that RRBs must comply with the 2005 simplified procedure for deceased depositor claims, responding to public feedback that banks were not following it. Additionally, RRBs are now required to provide claim forms to any person approaching the bank and to upload these forms prominently on their websites for easy access.
What it means for you
RRBs must ensure hassle-free settlement of deceased depositor claims by strictly adhering to the simplified procedure. Placing claim forms online reduces branch visits for grieving families, improving customer experience and operational efficiency. Non-compliance may invite regulatory scrutiny.
What you must do
- Strictly implement the 2005 simplified procedure for deceased depositor claims across all branches.
- Provide claim forms to any person requesting them at branches or via other channels.
- Upload claim forms prominently on the bank's website for easy download by claimants.
- Acknowledge receipt of this circular to the respective RBI Regional Office.
Who it affects
All Regional Rural Banks (RRBs), RRB branches and staff handling deceased depositor claims, Claimants (nominees/legal heirs) of deceased depositors
What is the simplified procedure for deceased depositor claims mentioned in the circular?
The circular references a 2005 directive (RPCD.CO.RRB.BC.22/03.05.33/2005-06) that specifies a simplified procedure for settling claims of deceased depositors. RRBs must follow that procedure strictly.
Do we need to put claim forms on our website immediately?
Yes, the circular advises RRBs to place claim forms prominently on their websites so claimants can download them without visiting a branch.
What should we do if a claimant asks for a form at the branch?
You must provide the claim form to any person approaching the bank or branch for it, as per the circular.