Updated October 15, 2018 05:50:15In a bid to ensure that people can use their new-found bank accounts for a higher level of enjoyment and security, the Reserve Bank of India has introduced a free bonus to people who have used their newly opened accounts for 10 years.
The RBI, in a statement on its website, said that the bonus would be offered in 2018 and will be paid out on the same basis as the regular bonus.
“We have been working hard to make it easier for people to get the benefit of the new bonus,” the statement said.
“We will introduce this bonus in 2018 to ensure a greater number of people can enjoy this great service and secure their financial security.”
While the RBI does not yet have a specific date of launch, the statement mentioned that it is “committed to providing a better experience to all Indians and that the new incentive will help the RBI better meet its financial obligations.”
The RBI has been trying to improve the bank’s operations and ease the burden of lending on banks and other financial institutions.
The government had announced a national credit card scheme last year, and the new government has also set up a credit union initiative for small and medium-sized businesses.
The Reserve Bank has been facing criticism for not doing enough to improve credit quality and transparency, especially in the small and marginalised sector.
In November last year the bank was accused of failing to act on a number of complaints of people who were cheated by some banks in their loans.
The Reserve Bank said it would investigate the complaints and take corrective action.