.................In the year 2000, there was a family dispute within a prominent business family on the assets of the deceased depositor. The response of the Reserve Bank of India ( RBI) was to issue very harsh measures and a deceased depositor's funds were to be released only after the successors produced a succession certificate or a letter of administration or a probate, all of which was beyond the capability of the Common Person In more recent years, the RBI has taken significant measures to streamline the procedures relating to the death of a depositor. In a benchmark circular dated June 9, 2005, the RBI Department of Banking Operations and Development set out a simplified and transparent procedure for settling the claims by the survivors/ nominees of a deceased depositor..............
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