The Reserve Bank of India (RBI) introduced a series of customer-centric initiatives aimed at streamlining financial processes and broadening access to government securities. Addressing the public at the conclusion of the RBI’s latest policy briefing, Governor Sanjay Malhotra reaffirmed the central bank’s commitment to the financial well-being of all citizens, particularly those at the grassroots.
“It is the people of India, including those at the bottom of the pyramid, who are our raison d’être, or the reason of our being,” the Governor stated, as he unveiled three new measures focusing on ease, inclusion and empowerment.
Camps for Re-KYC and Awareness in Rural Areas
With the Jan Dhan Yojana marking ten years since inception, Governor Malhotra highlighted the urgent need to update Know Your Customer (KYC) records for a large section of beneficiaries. In response, banks have been instructed to organise special outreach camps at the Panchayat level between July 1 and September 30.
These camps will not only facilitate re-KYC and account creation but also encourage awareness and registration in government-backed schemes such as micro-insurance and pensions. Moreover, the camps will serve as grievance redressal centres for rural customers facing banking-related issues.
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Standardised Settlement Process for Safe Deposits
In a major relief for families of deceased account holders, the RBI plans to introduce uniform procedures for claim settlements related to bank accounts and contents held in safe custody or safe deposit lockers. Governor Malhotra explained, “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.”
The move is expected to bring consistency and reduce delays in what can be a stressful and complicated process for grieving families.
SIP Facility for Treasury Bills on RBI Retail Direct
In a bid to enhance retail investor participation in government securities, a new functionality will soon be added to the RBI’s Retail Direct platform. “We are expanding the functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans,” said Malhotra. The SIP option is designed to attract small savers and make sovereign investments more accessible to the wider public.
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Economic Outlook and Monetary Policy Stance
Alongside these measures, the RBI’s Monetary Policy Committee (MPC) chose to keep the benchmark lending rate steady at 5.5 per cent during its August 6 meeting. Despite signs of easing inflation and robust domestic activity, the central bank maintained its “neutral” stance amid a challenging global backdrop.
“Although financial market volatility and geopolitical uncertainties have abated somewhat… trade negotiation challenges continue to linger,” the MPC observed. The RBI projected headline inflation for FY26 at 3.1 per cent, down from 3.7 per cent earlier. Real GDP growth for the fiscal year remains unchanged at 6.5 per cent.
Governor Malhotra noted, “The supportive monetary, regulatory and fiscal policies including robust government capital expenditure… should also boost demand,” while warning of risks from ongoing global trade tensions and financial market volatility.
With these targeted initiatives and cautious optimism on economic stability, the RBI aims to maintain balance, strengthening financial inclusion while remaining vigilant to external headwinds.
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