RBI Pushes For Re-KYC Camps, Simple Claim Settlements In Consumer-Focused Initiatives

In a significant consumer-focused push, the Reserve Bank of India has announced a string of initiatives aimed at improving ease of access and enhancing financial inclusion especially for rural and retail customers.

As the Jan Dhan Yojana completes a decade, RBI Governor Sanjay Malhotra said banks will conduct doorstep service camps across villages to re-KYC existing accounts and onboard new customers.

These panchayat-level camps will run from July 1 to September 30, and will also facilitate micro-insurance, pension schemes, and grievance redressal services.

“A large number of Jan Dhan accounts are due for KYC. Camps are being organised to make this process convenient and accessible to all, right at their doorstep,” Malhotra said during the monetary policy announcement.

In a major relief for families of deceased bank customers, RBI will standardise procedures for settling claims related to bank accounts, locker contents, and items held in safe custody. This move is expected to simplify and fast-track the claims process, reducing stress during difficult times.

Another consumer-friendly move is the expansion of the RBI’s Retail Direct platform, which will now allow retail investors to invest in treasury bills through systematic investment plans or also known as SIPs. This brings greater flexibility and accessibility to government securities, which have typically been seen as a low-risk investment avenue.

Malhotra announced the Monetary Policy Committee's decision to keep the repo rate unchanged at 5.5%, which was taken unanimously by all members of the committee.

The MPC also decided to keep the stance neutral.

He also said that the impact of the 100-basis point rate cut is still percolating down in the economy.