What changed
RBI reiterates its 2005 circular on simplified deceased depositor claim settlement, noting public feedback that banks are not complying. It now additionally mandates that claim forms be made available on banks' websites for download, reducing the need for claimants to visit branches.
What it means for you
Cooperative banks must ensure hassle-free claim settlement for deceased depositors by strictly adhering to the existing simplified procedure. Placing claim forms online will streamline the process, reduce customer inconvenience, and improve turnaround time for claim payouts.
What you must do
- Review and strictly comply with the 2005 circular's simplified procedure for deceased depositor claims.
- Upload claim forms prominently on your bank's website for easy download by claimants.
- Ensure all branch staff are trained to provide claim forms to any person approaching for them.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
State Cooperative Banks (StCBs), Central Cooperative Banks (CCBs), All branches of cooperative banks, Claimants of deceased depositors
What is the main requirement of this circular?
Cooperative banks must strictly follow the simplified procedure for settling deceased depositor claims and make claim forms available on their websites.
Why is RBI issuing this reminder?
RBI received public feedback that banks are not following the simplified procedure, so it reiterates compliance and adds the online form requirement.
Do we need to provide claim forms to anyone who asks?
Yes, banks must provide claim forms to any person approaching for them, and also put them on the website for easy access.