RBI Governor Sanjay Malhotra Unveils New Measures to Simplify Claims and Boost Financial Inclusion
The Reserve Bank of India (RBI) Governor Sanjay Malhotra announced key initiatives aimed at streamlining bank claims and enhancing financial inclusion during Wednesday’s policy rate announcements. He revealed that RBI will standardize procedures for settling claims related to bank accounts and safe deposit lockers of deceased customers. “We will be standardising the procedure for settlement of claims in respect of bank accounts and articles kept in safe custody or, in other words, safe deposit lockers of deceased Bank customers. This is expected to make settlement of such claims more convenient and simpler,” Malhotra said. He also launched a three-month re-KYC outreach for Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, aiming to update customer details and improve service delivery.
RBI Simplifies Claims Process for Deceased Accounts
- RBI will implement uniform processes for settling claims on accounts and safe deposit lockers of deceased customers.
- The new system aims to reduce delays and ease the burden on families dealing with claims.
- Governor Malhotra stated this move will make settlements more convenient and less cumbersome.
- Banks will follow the same clear guidelines, ensuring transparency and faster resolution.
- The initiative addresses common pain points faced by claimants and brings uniformity across all financial institutions.
PMJDY Re-KYC Outreach To Boost Financial Inclusion
Malhotra emphasized the importance of the three-month re-KYC drive for PMJDY accounts due for renewal. “As Jan Dhan scheme launched about 10 years ago, completes the decade, a large number of accounts have therefore become due for Re-KYC. The banks are organizing camps and Panchayat level from 1st of July to 30th of September in an endeavor to provide services at consumer doorsteps,” he said. The camps will offer services including new account openings, re-KYC updates, micro-insurance enrollment, pension schemes, and grievance redressal. The initiative focuses on enhancing last-mile access to financial services, especially in rural and underserved areas.
Expansion Of RBI Retail Direct Platform For Treasury Bills SIPs
In another boost for retail investors, Malhotra announced the expansion of the RBI Retail Direct platform. “We are expanding the functionality in RBI retail direct platform to enable retail investors to invest in treasury bills through systematic investment plans,” he said. This new feature will allow small investors to adopt SIPs for safer government-backed investments, encouraging savings and financial planning. It enhances the accessibility and convenience of investing in government securities.
(With Inputs From ANI)
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