The Reserve Bank of India (RBI) on January 17, 2025, issued a notification regarding coverage of customers under the nomination facility.
The following has been stated: -
•The nomination facility aims to ease the settlement of claims for deceased depositors' families. Banks are urged to obtain nominations for all existing and new deposit accounts, safe custody articles, and lockers.
•Progress on achieving nomination coverage must be reported quarterly starting March 31, 2025.
•Banks should promote the facility's benefits and train staff for effective implementation.
The detailed notification is given in the document below.
[Notification No. RBI/2024-25/104 Ref.No.DoS.CO.PPG/SEC.13/11.01.005/2024-25]
