"The developmental and regulatory steps announced by RBI will serve to strengthen financial markets, improve financial inclusion and enhance efficiency of direct benefit transfers. The measures relating to strengthening of KYC norms and tightening of third party distribution processes are in the best long-term interests of banks and financial institutions and their customers," said Kochhar.
RBI has asked banks to bring in metropolitan areas under the lead bank scheme for the first time. The move has been aimed at providing doorstep banking to urban poor.
RBI said lead bank scheme, an integrated mechanism to extend banking facilities to economically weaker consumers, was not meant for just rural areas but for metro cities also.