RBI Introduces New Rules in 2025 for Jan Dhan Accounts
The Reserve Bank of India (RBI) has directed banks to conduct a re-KYC (Know Your Customer) update for Jan Dhan accounts that were opened ten years ago. Special camps will be set up at the gram panchayat level from 1st July to 30th September to facilitate this process free of cost. The primary objectives behind this directive are to ensure the security of bank accounts and validate the information associated with accounts opened a decade ago.
Enhanced Verification Process for Jan Dhan Accounts
The Jan Dhan Yojana was launched in 2014, and many accounts were opened at that time with limited or basic KYC documents. The RBI mandates that accounts whose KYC validity has expired must undergo re-KYC to remain active. This initiative not only offers rural bank customers the opportunity to update their KYC details but also provides them with information on opening new accounts, joining insurance schemes, and accessing financial services for free.
Streamlining Claims Process for Deceased Account Holders
RBI has revamped the process related to claims of deceased account holders. A uniform process is set to be implemented where all banks will have to adopt similar guidelines, documents, and procedures. Whether the claimant is a nominee, legal heir, or a family member, claiming will become easier and faster.
Simplified Investment in Government Bonds with RBI’s New Rules in 2025
RBI has announced a significant feature for retail investors – the introduction of an auto-bidding feature on the ‘Retail Direct Portal’. This feature allows individuals to set preferences for investing in government bonds (T-Bills) once and subsequently invest automatically. This not only saves time but also ensures investment consistency, especially for those looking to invest weekly or monthly.
These three decisions by RBI indicate a progressive approach towards financial maturity in India. While rural accounts are being re-verified, the process of depositing funds of deceased individuals will reach their families transparently and fairly. Most importantly, the common man can now easily participate in government investments with the help of technology, without any hassle.
