RBI announces three consumer-centric steps for re-KYC, easier bank claims and retail investing
In a move aimed at making banking services more accessible and user-friendly, the Reserve Bank of India (RBI) on Wednesday announced three key measures for individual customers -- ranging from simplifying procedures for families of deceased bank account holders to improving access to government bond markets.
RBI Governor Sanjay Malhotra, speaking after the central bank's Monetary Policy Committee (MPC) meeting, said the initiatives are aimed at improving convenience and financial inclusion.
Doorstep re-KYC and financial services
'With the Pradhan Mantri Jan Dhan Yojana completing ten years, a large number of accounts are now due for re-KYC,' Malhotra said. To address this, banks will hold camps at the panchayat level from July 1 to September 30. These camps will assist customers with the re-KYC process and also provide information and services related to micro-insurance, pension schemes, and grievance redressal. 'This will bring financial services closer to people's doorsteps,' he said.
Simplified claims for deceased customers' accounts
The RBI also announced that it would standardise the settlement process for claims relating to deceased bank customers. This includes streamlining procedures for accessing funds in accounts and recovering contents from safe deposit lockers and other custodial arrangements. 'This move is aimed at making the claims process simpler and more convenient for families,' Malhotra noted.Retail Direct gets an upgradeThe third announcement relates to the RBI's Retail Direct platform, which allows individuals to invest in government securities. The platform will be upgraded to offer more tools to help retail investors plan and manage their investments. 'We are expanding the features on the Retail Direct platform to allow retail investors to create and manage investment plans more easily, enhancing accessibility and flexibility for individual investors,' the Governor said.Together, the three initiatives reflect the RBI's ongoing effort to reduce friction in the banking system and expand financial services across rural and urban India.
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