How banks settle claims of a missing person on presumed death?

Settlement of Claims in Respect of Missing Persons Presumed Dead: A Formal Overview Banks in India typically settle claims related to missing persons who are presumed dead by adhering to established legal provisions and regulatory guidelines, primarily those issued by the Reserve Bank of India (RBI). When a person has been missing for a legally…

Revised Guidelines for Settlement of Claims of Deceased Depositors and Locker Hirers

There are two possibilities in a bank account maintained by a customer viz. (i)  a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc.  (ii) A deposit account is opened in…

What are deficiencies in regulatory and KYC compliances for which banks pay penalties?

Regulatory compliance aims to ensure the bank operates within regulation, safeguarding its integrity and industry reputation. The function oversees multiple duties: protecting bank data, avoiding government fines, avoiding tax evasion, complying with KYC guidelines, monitoring and reporting anti-money laundering activities, assessing risks, and ensuring zero violation of banking ethics. Following are the few cases where…