RBI's Sanjay Malhotra Unveils Key Consumer-Focused Initiatives: All You Need To Know

The Governor of the Reserve Bank of India (RBI) Sanjay Malhotra on Wednesday announced three consumer centric measures that the central bank's Monetary Policy Committee (MPC) decided on.

These measures are aimed at the interest and welfare of citizens, including those at the bottom of the pyramid, Malhotra added.

What Did Sanjay Malhotra Say?

“Let me underline that for us at RBI, the interest and welfare of the citizens of India is foremost. It is the people of India, including those at the bottom of the pyramid, who are our raison detre, or the reason of our being. In this regard, I have three consumer-centric announcements to make,” Sanjay Malhotra stated.

What Are These Consumer Centric Announcements?

Camps for re-KYC: As Jan Dhan scheme is completing 10 years, Sanjay Malhotra said that a large number of accounts are due for re-KYC. “The banks are organising camps at Panchayat level from July 1-September 30, in an endeavour to provide services at customer doorsteps,” he added.

These camps will also focus on micro insurance and pension schemes for financial inclusion and customer grievance redress.

Locker Settlements: The RBI will standardise claim settlement for accounts and articles kept in bank lockers, he said, adding "We 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. This is expected to make settlement more convenient and simpler."

Retail Direct Platform Expansion: Sanjay Malhotra also added that the RBI is expanding its functionality in RBI Retail-Direct platform "to enable retail investors to invest in treasury bills through systematic investment plans (SIPs)."

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