India's RBI mandates all bank deposit accounts have nominations to streamline inheritance processes.

The Reserve Bank of India (RBI) has directed banks to ensure all new and existing deposit accounts and safety lockers have nominations. This aims to avoid delays and complications in transferring funds to family members upon a depositor's death. Banks must report progress quarterly via the DAKSH portal and are encouraged to promote the benefits of nominations through various media channels.

2 months ago
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