From easier claim rules to Jan-dhan scheme: RBI's 3 key reforms for common man
This includes standard documentation and streamlined procedures for nominees, legal heirs, or survivors to access funds or retrieve items from lockers. A draft circular will soon be released for public feedback, aiming to make the process simpler and more consistent nationwide.NEW AUTO-BIDDING FEATURE IN RBI RETAIL DIRECT FOR T-BILLSTo make government securities more accessible and investment planning easier for retail investors, RBI has added an auto-bidding feature for Treasury Bills (T-bills) on its Retail Direct portal.This allows individuals to schedule both fresh investments and re-investments in T-bills through automatic bids in primary auctions. It helps investors participate regularly without manually placing bids each time. This update builds on recent innovations, including a mobile app launch in May 2024, aimed at boosting retail participation in the G-Sec market.RE-KYC AND INCLUSION DRIVES LINKED TO JAN DHAN YOJANAAs the Jan Dhan Scheme marks its 10th anniversary, many account holders are due for re-KYC updates. To manage this, banks are setting up doorstep service camps at Panchayat levels from July 1 to September 30.These camps will help with re-KYC processes, opening new accounts, and promoting social security schemes such as micro-insurance and pensions. The initiative is also aimed at spreading financial literacy and resolving customer grievances, especially in rural and semi-urban areas, enhancing financial inclusion.- Ends
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Economic Times
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