27-May-2026
Banking
 
Banks seek RBI guidance as multiple nominations create claim settlement hurdles
27-May-2026

Multiple nominations on individual accounts are posing operational challenges to banks in claims settlement, prompting them to seek guidance from the banking regulator. Under existing rules, up to four persons can be nominated on a bank account or locker. Issues can arise if the nominees do not approach the bank jointly or at the same time to present their claims, said people familiar with the matter.

News Source:- https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-seek-rbi-guidance-as-multiple-nominations-create-claim-settlement-hurdles/articleshow/131336935.cms
 
 
 

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