Reserve Bank of India Governor Sanjay Malhotra on Wednesday made a series of announcements that were consumer centric in nature, after sharing the monetary policy committee’s decision to keep the repo rate unchanged at 5.50 per cent.
RBI Governor Malhotra announced that bank accounts opened under the PM Jan Dhan Yojana will be up for an update of accountholders’ KYC (know-your-customer norms). In another key announcement, he stated that the central bank will standardise the process for claims on accounts of deceased persons. Moreover, investors will now be able to buy Indian treasuries in SIP mode, he said.
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Re-KYC for Jan-dhan accounts
As Jan-dhan Scheme completes 10 years, a large number of accounts have fallen due for re-KYC (know your customer) . The banks are organising camps at Panchayat level from July 1 to September 30, in an endeavour to provide services at customer doorsteps. Apart from opening new bank accounts and re-KYC, the camps will focus on micro insurance and pension schemes for financial inclusion and customer grievance redress.
Standardisation of claim settlement process
Governor Malhotra said that the central bank will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers.
“With a view to enhance customer service standards, it has been decided to streamline the procedures and standardise the documentation to be submitted to the banks,” Malhotra said.
The RBI will soon be issuing a draft circular on this for public consultation.
Auto-bidding facilities in RBI Retail Direct portal
Malhotra said that the RBI is expanding the functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans.
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“To enable investors to systematically plan their investments, an auto-bidding facility for treasury bills (T-bills), covering both investment and re-investment options, has been enabled in Retail Direct,” the governor said.
The new functionality will help investors to mandate automatic placement of bids in primary auctions of T-bills.
The Retail Direct portal was launched in November 2021 to facilitate retail investors to open their Gilt accounts with the Reserve Bank under the Retail Direct Scheme.
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