Reserve Bank of India (RBI) announces three consumer-centric schemes to drive financial inclusion

Governor of the Reserve Bank of India (RBI), Mr. Sanjay Malhotra, announced three consumer-focused schemes to strengthen financial inclusion after the conclusion of the August Monetary Policy Committee (MPC) meeting. He emphasised that the welfare of citizens, especially those at the bottom of the pyramid, remains a priority for the RBI. To mark the 10th anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), banks will conduct camps at the Panchayat level from July 1 to September 30, 2025. These camps will provide doorstep re-Know Your Customer (KYC) services, open new bank accounts, and promote microfinance and pension schemes, while also addressing customer grievances.
The RBI also plans to streamline the settlement process for bank accounts and locker contents following a customer’s death by standardising procedures across banks. This initiative will introduce uniform timelines and simplified documentation to ease the claims process for families. Further, the central bank intends to expand its Retail Direct platform by enabling Systematic Investment Plans (SIPs) for treasury bills. Launched in 2021, this platform allows individual investors to purchase government securities directly. The addition of SIPs is expected to encourage small investors to invest regularly in short-term sovereign debt, boosting retail participation in the government securities market while fostering financial discipline through automated investing.

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