New Delhi
10 years ago, the Jan-Dhan accounts which had linked millions of poor with the banking system for the first time, now the time has come to re-examine the same accounts. Taking a big step, the RBI has instructed the banks to set up a special camp at the gram panchayat level from July 1 to September 30, where the re-KYC (KYC update) of Jan-Dhan accounts will be done for free.
There are two major objectives behind this instruction, first, to protect bank accounts from fraud, and second, to ensure that 10 years ago open accounts are still linked to legitimate information.
The Jan Dhan Yojana was started in 2014, and only limited or basic KYC documents were taken in many accounts. RBI says that it will be mandatory to get the accounts of accounts whose KYC validity is now finished so that the account can remain active.
Through this campaign, bank consumers present in rural areas will not only get a chance to update KYC, but they will also be able to get information about opening new accounts, joining insurance schemes and financial services for free.
RBI has also given a new look to the process related to the claims of dead account holders. Till now every bank had its own process, due to which the family of the deceased had to face heavy paperwork and delay.
Now RBI is going to implement a similar process, in which all banks will have to adopt the same guidelines, documents and procedures. Whether it is the contender nominee, a legal heir or a family member, now it will be easy and fast to claim.
Investment in government bonds now without click, automatically
RBI has made another big announcement for retail investors. Now a new auto-bidding feature has been started on ‘Retail Direct Portal’, so that people will be able to invest again and again by setting in government bonds (T-bills).
With this facility, investors will be able to set their bids automatically for fresh investment and re-investments. This will not only save time, but will also maintain the continuity of investment – especially for those who want to invest every week or month.
These three decisions of RBI indicate that India’s financial system is now moving towards maturity. While rural accounts will be re -examined on the one hand, on the other hand the deposits of the dead will reach their family with justice and transparency.
And the biggest thing, now the common man will also be able to participate easily in government investments with the help of technology, that too without any hassle.
