More Benefits For Zero Balance Account Holders? Three Consumer-Friendly Measures Announced By RBI

The Reserve Bank of India announced three consumer-centric measures on Wednesday, aimed at improving access and services for bank account holders. The changes include expanded benefits for Basic Savings Bank Deposit accounts, strengthened grievance redressal mechanisms and inclusion of rural cooperative banks under the RBI Ombudsman Scheme, Governor Sanjay Malhotra said during his Monetary Policy speech.

BSBD account holders will now have access to a wider range of services, including mobile and internet banking, without any minimum balance charges. These accounts already do not require a minimum balance. The expansion ensures that all BSBD holders can perform online transactions, pay bills, and transfer funds conveniently, making digital banking formally available to every account holder.

BSBD accounts are basic bank accounts mostly operated by low-income customers. They offer deposit and withdrawal facilities and are often used for receiving government benefits.

The RBI also proposed strengthening the Internal Ombudsman mechanism, which is a system within banks to address customer complaints. This will make grievance redressal faster and more effective for account holders who face issues with their banks.

“The Internal Ombudsman mechanism is proposed to be strengthened to make grievance redressal by regulated entities more effective,” Malhotra said.

In addition, the RBI is revising the Ombudsman Scheme to include rural cooperative banks, he said, adding that the move will allow customers in rural areas and smaller towns to approach the RBI’s Ombudsman in case of unresolved complaints, giving them the same protection and recourse available to customers of commercial banks.

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