The decisions of the monetary policy meeting of the Reserve Bank of India have come out today. RBI has not made any change in the repo rate. Apart from this, RBI has taken three important decisions to make banking services easy and accessible.
These steps are centered on simplifying the claim settlement process for the families of deceased account holders to increasing the access of common people to the government bond market. Reserve Bank of India Governor Sanjay Malhotra made these announcements after the meeting of the Monetary Policy Committee (MPC). He said that these initiatives have been taken to promote financial inclusion and improve customer convenience.
Account claim will be settled in 15 days
The Reserve Bank of India has decided to make the process related to the claims of deceased account holders uniform and simple. In this, access to the money deposited in bank accounts, items kept in safe deposit lockers and other custodial systems will be made easy. The RBI Governor said, our aim is to make claim settlement simple and convenient for the families. Often the settlement of the accounts of the deceased is a complex and time-consuming process, in which the nominee or heir has to visit the bank several times. The new rules will bring transparency in this process and a deadline will be fixed. Under the new rule, the claim will be settled within 15 days in accounts with a nominee and 30 days in accounts without a nominee.
Also Read: RBI Allows SIP in T-Bills with Govt Backing – Know Benefits & Process
Retail direct platforms will be better
Apart from this, RBI has also announced to further improve its retail direct platform. Through this, common people can invest in government securities. New features will be added to this platform, so that retail investors can easily do investment planning. Malhotra said, we will make the retail direct platform more useful, so that common investors can easily invest in government bonds. This will give small investors an opportunity for safe investment.
Camps will be set up for re-KYC of Jan Dhan accounts
At the same time, the Reserve Bank of India has made the third big announcement regarding the accounts opened under the Pradhan Mantri Jan Dhan Yojana. Special steps will be taken to simplify the process of re-KYC for accounts opened under PM Dhan Dhan Yojana. 10 years have passed since the launch of this scheme. In such a situation, lakhs of accounts need re-KYC. For this, special camps will be organized at the panchayat level from July 1 to September 30. In these camps, account holders will be given information and services related to re-KYC as well as micro-insurance, pension schemes and grievance redressal.
