RBI Eases Claim Process for Deceased Customers to Ensure Uniformity and Compassion

Pratik Shah, National Leader – Financial Services, EY India

“This reform is part of a broader set of customer-oriented measures—including simplified re-KYC procedures that highlight the Reserve Bank of India’s (RBI) commitment to improving the banking experience. By establishing uniform claim settlement processes for accounts and safe deposit lockers of deceased customers, the RBI seeks to alleviate the emotional and procedural difficulties faced by grieving families, ensuring empathy, clarity, and consistency during sensitive times. Successful implementation depends on consistent enforcement across all banks, effective communication with both branch staff and customers, and robust safeguards to prevent fraud and legal challenges.”