What is the RBI doing to improve financial inclusion in rural India?

The RBI is organizing doorstep service camps in villages from July 1 to September 30 to re-KYC existing accounts, onboard new customers, and facilitate access to micro-insurance, pension schemes, and grievance redressal.

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RBI Unveils Initiatives to Enhance Financial Inclusion Nationwide

Q: How is the RBI simplifying the claims process for deceased bank customers?

The RBI is standardizing procedures for settling claims related to bank accounts, locker contents, and items held in safe custody of deceased customers, which is expected to simplify and expedite the claims process.

Q: What new feature has the RBI added to its Retail Direct platform?

The RBI has expanded its Retail Direct platform to now allow retail investors to invest in treasury bills through systematic investment plans (SIPs), bringing greater flexibility and accessibility to government securities.

6 Aug

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Summary

RBI to conduct doorstep camps for KYC, micro-insurance, and grievance redressal
Standardized procedures for settling claims of deceased bank customers
Expansion of RBI's Retail Direct platform for easier access to government securities

RBI Unveils Initiatives to Enhance Financial Inclusion Nationwide

In a significant push to enhance financial inclusion across India, the Reserve Bank of India (RBI) has unveiled a range of initiatives aimed at improving access and services for rural and retail customers.

As the Jan Dhan Yojana scheme marks its 10th anniversary, the RBI is organizing doorstep service camps in villages from July 1 to September 30. These panchayat-level camps will help re-KYC existing accounts, onboard new customers, and facilitate access to micro-insurance, pension schemes, and grievance redressal. RBI Governor Sanjay Malhotra emphasized the importance of making these processes convenient and accessible for all.

Additionally, the RBI is standardizing procedures for settling claims related to bank accounts, locker contents, and items held in safe custody of deceased customers. This move is expected to simplify and expedite the claims process, providing relief to grieving families.

Another consumer-friendly development 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 (SIPs). This brings greater flexibility and accessibility to government securities, traditionally seen as a low-risk investment option.

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