Insistence on physical visits, physical presentation of documents for closure of bank accounts may be done away with if the Reserve Bank decides to implement the recommendations made by a committee headed by former deputy governor B P Kanungo.
“Insistence on physical visits, physical presentation of documents, etc. must be avoided to the extent possible” recommended the report on the committee for review of customer service standards in RBI regulated entities (REs). Faceless / Straight Through Processes’ (STPs) may also be adopted by REs for closure of account/s, accepting, acknowledging and tracking the communication by the customer.”
The Reserve Bank of India may eliminate the need for physical visits and presentation of documents for bank account closures, as recommended by a committee chaired by former deputy governor B P Kanungo. The committee suggested that faceless/straight through processes could be adopted for account closures and communication tracking, and obtaining a nomination could be made obligatory for ease of claim processing in case of an account holder’s death.
The committee recommended updating the Model Operating Procedure for hassle-free claim settlement and AI integration to improve customer service quality. The committee was established in line with the Reserve Bank’s April 2022 monetary policy statement.