Certain types of bank accounts are going to be closed.
STC MONITORING DESK
Srinagar, December 31 (STC):
Reserve Bank of India (RBI) is going to implement a series of crucial changes in some types of bank accounts. The changes would be affecting lakhs of account holders across the country.
In the backdrop of these changes taking place from January 1, 2025, it’s imperative for the bank accounts holders to understand them and take action before it’s too late.
The upcoming RBI guidelines includes the central bank’s decision to close certain types of bank accounts. It stems from its objective to enhance the safety, transparency, and efficiency of banking transactions. By streamlining the system, the apex bank aims to curb fraudulent activities, particularly bank account hacking, and promote digitalisation and modernisation within the sector.
According to the reports, the change is designed to minimise risks, address shortcomings in banking operations, and provide better services to customers while protecting their interests.
Notably, if the account has been dormant for over two years, it is crucial for the account holder to take immediate action to reactivate it.
Accounts that maintain a zero balance for an extended period will also be subject to closure.(STC)