Finance Minister Nirmala Sitharaman on Wednesday (September 09, 2020) launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking to Senior Citizen and those in the ‘divyang’ (differently-abled) category. The move is part of the EASE reforms to make banking easier and accessible.
The salient features of new services to be provided by PSBs are;
Doorstep banking was prescribed by the Reserve Bank of India a few years ago; however, Central Bank was not convinced by the services provided by public sector lenders in this regard. On March 31st of this year Reserve Bank of India, said that despite the regulator’s advisory for banks to extend doorstep services for senior citizens and differently-abled people, banks haven’t yet offered such services, hence asked for “strict compliance” on the same by April 30, 2020. RBI further advised Banks to incorporate the following aspects in their Board approved policy for such services:
The Finance Minister after the launch of PSB Alliance-Doorstep Banking Services, said that “Banks need to introspect on their core businesses,” India is an example to other countries in the way citizens adopted Jan Dhan, Aadhar and mobile she added. She also said that state-owned banks to remain focused on their core business of lending and banking services must reach those areas where banks have not yet reached.
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