The Reserve Bank of India (RBI) on Wednesday, 1 October, announced a proposal to upgrade the Basic Savings Bank Deposit (BSBD) account, aiming to make it the standard service across all banks. The reforms are intended to create a customer-centric experience, increase access, and strengthen protection for account holders, especially targeting low-income and rural customers. Over 566 million BSBD accounts have already been opened under the Pradhan Mantri Jan Dhan Yojana, with deposits exceeding ₹2.67 trillion. The RBI stated these directions are designed to deepen financial inclusion by aligning BSBD accounts with evolving customer needs and digital banking. "The ongoing (digitisation) of the banking sector requires a BSBD account that is in sync with the customer’s evolving requirements. Th

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