HDFC Bank Faces Backlash Over Year-Long Nominee Settlement Delay; MP Vows Parliament Action

• Veena Venugopal's complaint about HDFC Bank's year-long delay in transferring her deceased husband's account balance to their daughter (nominee) went viral.
• Bank allegedly lost initial documents, citing a staff member's departure, and demanded fresh, notarized papers and HDFC Standard Life approval.
• The 20-year-old nominee had to repeatedly visit the bank, while another account with IndusInd Bank was settled in two weeks.
• Congress MP Karti Chidambaram tagged RBI, promising to raise the issue in Parliament, prompting an apology and request for details from HDFC Bank.
• Banking rules mandate claim settlement within 15 days of complete documentation, with provisions for RBI Ombudsman intervention and interest for delays.

Why It Matters: HDFC Bank's nominee settlement delay highlights systemic issues, drawing parliamentary attention and RBI scrutiny.