RBI Announces Simplified Claims, Expands Financial Services Outreach
The Reserve Bank of India Governor, Sanjay Malhotra, unveiled new standardized procedures to simplify claims related to deceased customers' bank accounts and safe deposit lockers. Additionally, a nationwide re-KYC outreach for Jan Dhan accounts and expanded investment options for retail investors in treasury bills were announced.
- Country:
- India
In a significant move to simplify banking processes, Reserve Bank of India (RBI) Governor Sanjay Malhotra has announced the standardisation of procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers. This initiative aims to streamline the claims process, ensuring convenience and simplicity for the bereaved.
Furthermore, banks across the country have commenced a three-month outreach campaign focused on re-KYC updates for Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts. Launching a decade ago, many accounts now require re-KYC. The campaign will run from July 1 to September 30, with camps organized at panchayat levels to provide doorstep financial services.
In addition to re-KYC, these camps aim to open new accounts, enroll individuals in micro-insurance and pension schemes, and address customer grievances, enhancing financial inclusion in rural areas. Additionally, RBI's retail direct platform will now allow retail investors to invest in treasury bills through systematic investment plans, expanding investment avenues for individuals.
(With inputs from agencies.)
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