RBI Focuses on Boosting Customer Safety: Executive Director

Rapid Summary

• Reserve Bank of India (RBI) Executive Director R. Lakshmi Kanth Rao emphasized enhancing customer safety in the financial system and urged better awareness during his speech at a program titled ‘Financial Inclusion Saturation Campaign’.
• The event was organized by Union Bank of India, State Bank of India, Canara Bank, Bank of India, and Andhra Pradesh Grameena Bank under the direction of the Department of Financial Services (DFS).
• Mr. Rao advised bank account holders to complete their KYC verification promptly to keep accounts active; inactive accounts require a re-KYC process for revival.
• C.V.N. Bhaskar Rao, convener of the State-Level Bankers’ Committee (SLBC), discussed government schemes such as Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan mantri Jeevan Jyoti Bima Yojana, and free RuPay debit cards aimed at increasing financial accessibility in rural areas via Bank Mitras.
• RBI Regional Director A.O. Basheer and other senior banking officials were present at the event.

Indian Opinion Analysis
The RBI’s focus on enhancing customer safety through awareness campaigns and strict adherence to KYC processes underscores its commitment to reducing risks within India’s growing financial ecosystem. While ensuring inactive accounts undergo re-KYC is an important measure for preventing misuse or fraud, it also aligns with broader efforts toward greater clarity across financial operations. These initiatives complement government-sponsored schemes that aim to promote inclusivity by bringing banking services closer to rural populations through programs like Bank Mitras.

Even though much progress has been made toward financial inclusion-highlighted by accessible tools like RuPay debit cards-the sustained success hinges on continued collaboration between institutions like RBI and banks serving grassroots-level customers in diverse geographic regions across India.

Published – August 14, 2025 | Read More