DNA Money Edit: RBI takes up cause of senior citizens

Treatment of the old and the differently-abled by banks has caught the attention of Reserve Bank of India (RBI). With India being home to over 100 million senior citizens and about 21 million differently-abled citizens, the banking sector regulator has asked banks to take steps so that these people should not feel marginalised at bank branches. Relying on customer complaints filed with its ombudsman, the central bank said banks, in general, are discouraging or turning away senior citizens from availing banking facilities in branches.

Notwithstanding the need to push digital transactions and use of ATMs, it is imperative to be sensitive to the requirements of senior citizens and differently-abled persons, the central bank said in its fourth bi-monthly monetary policy review last week. The regulator said it would instruct banks to put in place explicit mechanisms for meeting the needs of such customers so that they do not feel marginalised. Banking ombudsmen will also be advised to pay heed to complaints coming in from senior citizens and differently-abled persons.

The RBI is likely to issue a set of guidelines by October-end. The move needs to be lauded as it is imperative to make banks extend a helping hand to the marginalised lot.