What RBI governor said on deceased customer claims, Jan Dhan camps, Retail Direct Expansion
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday announced significant updates. Firstly, banks are organising nationwide camps to facilitate Jan Dhan account re-KYC and new account openings. Procedures for settling claims of deceased bank customers will be standardized for simpler processing, Malhotra announced.
New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday announced three important aspects in relation to Jan-dhan accounts, deceased bank customers, and RBI Retail-Direct platform.
Malhotra said the six-member rate-setting panel of the RBI Monetary Policy Committee unanimously decided to keep its policy interest rate unchanged at 5.5 per cent. The policymakers kept the repo rate unchanged as they weighed the risks posed by US President Donald Trump's trade policies and the uncertainties surrounding the potential for higher tariffs.
Jandhan accounts re-KYC
While announcing the third bi-monthly monetary policy for 2025-26, RBI Governor Sanjay Malhotra said as Jan-dhan scheme completes 10 years, a large number of accounts have fallen due for re-KYC. Malhotra informed that banks are organising camps at Panchayat level across the country from July 1 to September 30, 2205, to provide services at customer doorsteps.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by Prime Minister Narendra Modi in August 2014. As on 4th August 2025, over 55.90 crore accounts have been opened under PMJDY.
The idea of camps is to focus on opening new bank accounts and re-KYC. The camps will also focus on micro insurance and pension schemes for financial inclusion and customer grievance redress, he announced.
Claim process for deceased customers' bank accounts simplified
Another important aspect which the RBI governor touched upon was 0 settlement claims of a deceased customer of a bank. In an attempt to make settlement more convenient and simpler, Malhotra assured of 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.
RBI Retail-Direct platform
The RBI governor also announced plans to expand the functionality in RBI Retail-Direct platform to enable retail investors to invest in treasury bills through systematic investment plans.
The scheme is launched with an objective to provide the retail investors of the country a simple, safe, secure direct access to the Indian G-Sec market. The on-line portal makes it convenient for the retail investors to invest in Central Government securities, state government securities and Sovereign Gold Bonds through digital mode, a RBI release mentioned.