RBI has come up with a noble and novel idea – to benefit the senior citizens of our country, many of whom who find it difficult to visit their neighbourhood bank, RBI has mooted the idea of taking the bank itself to their doorsteps.
By December end, banks have been directed that senior citizens (above the age of 70 years) and differently-abled people, including the visually-impaired, should be provided basic services such as pick-up and delivery of cash, chequebooks and demand drafts at their residence.
RBI has listed the services to be provided - pick-up of cash and instruments against receipt, delivery of cash against withdrawal from accounts, delivery of demand drafts, submission of Know Your Customer (KYC) documents and Life Certificates at the premises or residence of such customers.
This, as we said, is a very noble gesture and will indeed benefit the seniors but the big “if” here is the trust deficit – how do we trust anyone to come into the house, reveal all the financial details. This exposes them to a lot of risk given the threats they face on a day-to-day basis. So the idea is very good but in today’s times of dangerous living for these seniors, where most live by themselves, the service might end up getting a lukewarm response.