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ARTICLE · 31 JANUARY 2025

AKP Banking & Finance Digest- January 27, 2025

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The Reserve Bank of India ("RBI") has urged banks to ensure nomination for all deposit accounts, lockers, and custody articles to ease claim settlements for families.

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. REGULATORY UPDATES

1.1. India

1.1.1. RBI urges banks to ensure nominations for deposit accounts, lockers & custody articles

The Reserve Bank of India ("RBI") has urged banks to ensure nomination for all deposit accounts, lockers, and custody articles to ease claim settlements for families. The Customer Service Committee (CSC) must review and report progress quarterly from March 31, 2025. Staff should be trained in handling nominations and claims and publicity through various sources of media is required to achieve full coverage. RBI

1.1.2. RBI releases annual report of Ombudsman Scheme, 2023-24

RBI's Annual Report of the Ombudsman Scheme for FY 2023-24 revealed a significant 32.81 per cent (thirty-two point eight one per cent) increase in complaints, totalling 934,355 (nine lakhs thirty-four thousand three hundred fifty-five). Complaints about loans and advances rose 42.70 per cent (forty-two point seven zero per cent) to 85,281 (eighty-five thousand

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