Module: General Practice
Q8: Under the "Simplified Procedure" for settling claims without a nomination, up to what amount can a Commercial Bank settle a claim without insisting on a Succession Certificate?
✅ Correct Answer: D
Correct Answer: D Concept: Simplified Settlement Thresholds (2025). To reduce legal hardship, RBI standardized the thresholds for settling claims based on a simple Indemnity Bond (without court orders): Commercial Banks: Rupees 15 Lakh.
Co-operative Banks: Rupees 5 Lakh.
Banks may set a higher limit at their discretion, but they cannot set a lower one for this simplified process.
Co-operative Banks: Rupees 5 Lakh.
Banks may set a higher limit at their discretion, but they cannot set a lower one for this simplified process.