The Reserve Bank of India issued supervisory instructions to scheduled commercial banks (excluding regional rural banks), primary (urban) co-operative banks and deposit-taking non-banking financial companies (excluding housing finance companies) to increase the use of the nomination facility across eligible products after observing that many deposit accounts still lack nominations. Supervised entities are expected to obtain nomination for all existing and new customers for deposit accounts, safe custody articles and safety lockers, as applicable, and to continue providing guidance and publicity on the benefits of nomination to facilitate faster claim settlement for survivors. The Board’s Customer Service Committee is to periodically review nomination coverage, with quarterly progress reporting through the Reserve Bank’s DAKSH portal starting from 31 March 2025. Firms are also asked to sensitise branch staff on obtaining nominations and handling claims, update account opening forms to allow customers to opt in or opt out, and run periodic drives and broader media outreach to improve coverage.
Reserve Bank of India2025-01-17
Reserve Bank of India reiterates full nomination coverage for deposits and lockers and mandates quarterly DAKSH reporting from 31 March 2025
The Reserve Bank of India has directed scheduled commercial banks, primary (urban) co-operative banks, and deposit-taking non-banking financial companies to enhance nomination facilities for deposit accounts, safe custody articles, and safety lockers. Entities must ensure nomination for all customers, review coverage periodically, and report progress quarterly via the DAKSH portal from 31 March 2025. Additionally, firms are to educate staff, update account forms, and conduct outreach to boost nomination uptake.