Thursday Brief

Today I am continuing with the different topic,  and this will be my last different topic during this week.

Most senior citizens may be having  savings accounts, especially pensions accounts with nationalised banks. Visiting banks for any transactions may involve big hassle for some people. In spite of e banking and ATM facilities, still  many people prefer to visit bank branch, specially it is true for senior citizens as they consider this as outing and opportunity to meet people as they have enough spare time with them. Standing in queues for long time or having to wait, or going from desk to desk can become tiresome. And for pensioners there is matter of submitting the Life certificate once every year.

As of 7 Nov 2017, Reserve Bank of India (RBI) have brought certain guidelines for the benefits of senior citizen and they are

• All bank branches have been issued guidelines to keep an identifiable counter for senior citizens and differently abled persons.
• One may now submit the Life certificate in any branch of the pension paying bank (including out of state branch), and that branch must ensure that this is updated in the Core Banking Solution (CBS) so that pensioners do not face any issue.Often, the other branches receiving the Life certificate were not updating in the CBS, and hence pensioners were facing issues. Stern guidelines have been issued to all branches on this by RBI.
• The physical presence of senior citizens and differently abled person is not required for them to to get issued cheque books. A minimum of 25 cheque leaves against saving account, can be issued free of charge every year, based on requisition received by any means as per the laid down policy of the bank.
• Savings accounts will henceforth be automatically coverted to senior citize accounts, provided the account is KYC compliant and date of birth is available for the same.
• Senior citizens and differently abled people will also  be  provided with Form 15G/H, once a year, preferably in April, so that they can file the same within stipulated time.
• Even though doorstep banking was in vogue, it was not strictly being practiced. Hence RBI has now has issued guidelines to banks to provide basic facilities such as, pick up of  cash and instruments, delivery of cash against withdrawal from the account, delivery of demand drafts, submission of Know Your Customer (KYC) documents and Life certificate at the residence/premises of such customers, who are above 70 years of age, or are differently   abled or are certified as infirm.

All banks were told to adhere these guidelines and publicise these facilities to their customers. However who people who wanted to avail these facilities  were unaware. Now it has been specified that if any bank refuse to provide you any of the above, or mistreat you or marginalise you, when you visit their branch, then you are free to submit a grievance to their redressal cell about the same.

There has to a Grievance Redressal Officer in every bank, and contact number of this person is to be displayed in the branch.Senior citizens can approach this person and submit their complaint, and the said officer and action  will verify  it will taken upon, within 30 days. If not, the complainant has right to escalate the matter, if required. The next step could be to approach the banking ombudsman in the area and present the case for redressal.

Now friends, if you are one of those who have struggled to complete your banking transactions by visiting the branch and are eligible for a doorstep service as pr above guidelines, please talk  to your bank representative and get the things rolling. Thanks to RBI guidelines, you may find that a big hassle has been addressed.

I hope this information will help the people , who are senior citizens.

Waiting for your feed backs/comments/views.

Anil Malik

Mumbai, India

30th Jan 2020