Return the money of a deceased (dead) account holder to its nominee within 48hrs

Return the money of a deceased (dead) account holder to its nominee within 48hrs

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Sudarsanam M started this petition to @arunjaitely and

When any account holder of a bank, is met with an untoward incident and dies, the next-of-kin,most probably the account holder's Wife/Son/Daughter/Husband not only goes through mental trauma but also faces severe financial difficulty.

If the deceased person happens to be the sole bread-winner of the family, then their death adds more trauma to the survivors.Though the death of an account holder is beyond the limits of human capacity,at least the funds which are in the account(s) of the deceased should be transferred to the nominee (within 48hrs / 2 working days) which can be utilised for funeral expenses.

Recently a private small finance bank named, Equitas Small Finance Bank has been delaying such claim, for more than 14 months, to release the funds of a deceased account holder to the rightful nominee. In spite of submitting the required documents,the bank has gone to the extent of indulging in criminal activity to differ the settlement of the claim.

Till date,no proper reply has been provided by the grievance officer of the Equitas Small Finance bank and when the RBI's Banking Ombudsman (A statutory body in Reserve Bank of India, which handles disputes between a customer and their bank) was approached,the petition was rejected stating "...requires consideration of elaborate documentary and oral evidence..." which means even the RBI is unable to control such unreasonable delays and RBI has no say in awarding penalty to banks which involves in such criminal activities!!!

Such statements encourages these unscrupulous banks like Equitas Small Finance Bank to indulge in much more unlawful activities and utilise the money of the deceased account holder without returning it to the rightful nominee.

The rules clearly defined by Banking codes and Standards Board of India(BCSBI), numerous circulars issued by RBI and ultimately the ruling from Supreme court of India,has little or no impact upon such unscrupulous banks like Equitas Small Finance Bank.This is has been happening to me,for the past 14months (since September-2017) and i am sure,such incidents would have happened to some of your friends / relatives too.

Lets STOP this atrocity by urging

  1. Secretary (Department of Financial Services),
  2. Deputy Governor - RBI (Banking Ombudsman Scheme),
  3. Governor - RBI,
  4. The Finance Minister (Mr.Arun Jaitely),

to implement the following steps, so that such menace can be culled at its sprout.

Suggested measures to Control & STOP such offences committed by banks:

  1. When a claim is made, based on Aadhaar authentication,transfer the funds to the nominee (or settle as cash) within 48 hours or within 2 working days .
  2. If Aadhaar is not available,obtain the PAN number and transfer the funds electronically to the Bank account of the nominee.
  3. If the claim is not settled within 48 hours(or within 2 working days) let the bank be penalised at the rate of 18% per day,for each day of delay and let RBI make sure that, the settlement is completed within 3 calendar days.
  4. Include private sector banks,Small Finance Banks and all NBFCs under the ambit of RTI Act.
  5. Add more teeth to the powers of RBI's Banking ombudsman by amending the Clause 11(2) of Banking Ombudsman Scheme-2006.
  6. Set a time frame for Deputy Governor - RBI (Banking Ombudsman Scheme) in settling the appellate cases against banks.


Lets,share this as much as we can,until all six suggested measures are enacted by the Government of India and the Supreme court Judgement be followed in its spirit too.

At the end of the day,it is our own blood whom we have lost and their money should made available to them,even after their demise.









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