RBI plans hefty penalty to make banks settle death claims fast

The Reserve Bank of India (RBI) mandates banks to settle deceased customers' deposit accounts, safe deposit lockers, and safe custody articles within 15 days, effective January 1, 2026. Non-compliance will incur penalties, including interest on deposit delays and a daily charge for locker settlement delays. The move aims to standardize claim processes and compensate customers for inconveniences.

from Economic Times https://ift.tt/2u1zoHv