BANKING

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.

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