RBI announces 3 consumer-centric schemes to drive financial inclusion
New Delhi, Aug 6, 2025
Banks will be setting up camps at the Panchayat-level from July 1 to September 30, to provide re-KYC services at consumers' doorsteps
Sanjay Malhotra, governor of the Reserve Bank of India, announced three schemes aimed at boosting financial inclusion among consumers during his address after the conclusion of the August Monetary Policy Committee (MPC) meeting.
Stating that the interest and welfare of the citizens, including those at the bottom of the pyramid, are foremost for the RBI, Malthotra said the three consumer-centric schemes will foster inclusive financial growth.
Re-KYC services at doorstep
As the Pradhan Mantri Jan Dhan Yojana has completed 10 years, most of the accounts are due for Re-KYC. For the same, banks will set up camps at the Panchayat level from July 1 to September 30, in an effort to provide re-KYC services at the doorstep of consumers.
Apart from opening new bank accounts and re-KYC, the camps will also focus on microfinance and pension schemes for financial inclusion and addressing customer grievances, Malhotra said.
Simplified settlement for deceased customers
To ease the burden on grieving families, the RBI is working to standardise and streamline the process for settling bank accounts and locker contents after the death of a customer. “It will make the claims more convenient and simpler,” said Malhotra.
Currently, claimants often face delays and procedural complications due to varying rules across banks. The new framework aims to introduce uniform timelines and documentation requirements, ensuring faster, more convenient access to funds or valuables.
Expanding functionality of RBI Retail
Building on this, the central bank now plans to enable Systematic Investment Plans (SIPs) for treasury bills, making it easier for small investors to invest regularly in short-term sovereign debt.
The move is expected to boost retail participation in the government securities market, while also encouraging financial discipline through automated investing. Launched in 2021, the Retail Direct platform allows individual investors to buy government securities directly from the central bank.
[Business Standard]
