Banks need to be more humane
Banks should create a framework that eases availing of banking services to the already distressed and bereaved customers.
The majority of people in the country have lost their dear ones to Covid-19 even though questions are being raised over the death toll recorded by the government. After the relaxation in lockdown restrictions, many are rushing to banks to close the account of a deceased relative or a family member. It is gut-wrenching to see someone submitting a death certificate of a parent or both parents or spouse or a relative reaching out to the bank for minor children. In such a gloomy situation, a long list of rules and regulations enforced by banks limits the humanity that the world needs right now.
The rules and regulations are designed to make the lives of the people comfortable. They do not serve the purpose of harassing someone in times of crisis. In this regard, the Reserve Bank of India (RBI) has directed all the banks to empathise with the people and maintain a soft stand. Every bank has its own set of rules, it must ensure that all procedures happen with fewer documents and in a seamless way. RBI has also instructed banks to complete the request for withdrawal of money from customers in 15 days.
Banks should create a framework that eases availing of banking services to the already distressed and bereaved customers. This can only work when the banks train their employees to be sensitive to customers and their situations. In a working setup, the employees are being rewarded for completing a sales target or a task deadline. The bank should also consider rewarding its employees for being humane.
In the case of managing a deceased’s bank account, the bank asks for two things from the customers- the name of the nominee and the notarised copy of the death certificate. The problem occurs when the name of the nominee is not there in the individual account and either-or survivor joint account, where both account holders have passed away.
Hence, it is important to fill the column of the nominee seriously in all the investments as well as banking services. This will ensure that the family does not go through further stress and harassment when they are already in pain.