Very soon elderly can do banking transactions without leaving their homes

Over 50 million elderly individuals over 70 years old and an equal number of people with disabilities could soon anticipate receiving basic financial services in the comfort of their homes.

According to two people familiar with the development, the department of financial services (DFS) within the finance ministry plans to notify a new guide for bankers that will make doorstep provision of banking services mandatory for certain bank branches serving senior citizens and the differently abled.

One of the two individuals stated that certain bank locations would provide doorstep delivery banking for a modest price. It may be possible to request these services using a universal phone number.

The Reserve Bank of India (RBI) has already required doorstep banking services and has given banks two distinct deadlines: 31 December 2017 and 30 April 2020. However, pan-India application remains weak and inconsistent. Through a new notice, the government intends to mandate these services with precise instructions for time-bound execution. It also desires that banks continually broaden the scope of such services in order to serve huge segments of the nation’s poor people.

The doorstep service will provide a variety of banking services, including bank account opening, fixed deposits, pension services, insurance, investments, and loans, among others. Even though services will be required for branches defined by an approved framework, other branches will be required to provide these services using their best efforts.

In consultation with DFS, the Indian Banks Association (IBA) has finalized the text of a new Bankers Guide, which will be handed to the Chief Commissioner for Persons with Disabilities (CCPD) prior to notification.