6 Aug 2025 : In the monetary policy meeting held on August 6, 2025, the Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 5.5%.
Although there was no change in the interest rates, RBI made two important announcements—not related to monetary policy, but significant for the general public—which are very important for regular customers and investors.
- Re-KYC campaign for Jan Dhan accounts
To mark the completion of 10 years of the Pradhan Mantri Jan Dhan Yojana (PMJDY), RBI has instructed banks to organize special camps at the panchayat level from July 1 to September 30, 2025. These camps will:
- Complete the Re-KYC process
- Open new bank accounts
- Link customers to micro-insurance, pension schemes, and other financial inclusion services
- Provide arrangements for resolving customer grievances
Note: If you have a Jan Dhan account and haven’t completed your Re-KYC yet, contact your bank soon. If KYC remains incomplete, your account may be frozen or closed.
- Bank locker claim process to become simpler and standardized
RBI has announced that the claim process for bank locker contents after the account holder’s death will now be standardized across all banks. This means:
- A uniform and simplified process will be followed in all banks
- Legal hurdles and excessive paperwork will be reduced
- Heirs will receive access to locker contents quickly and transparently
This move will help save time and reduce stress for both customers and banks.
Summary:
RBI announces revised guidelines: stricter timelines for locker agreements and enhanced monitoring of Jan Dhan accounts to ensure compliance, safety, and benefit transparency for account holders.