The Reserve Bank of India under Governor Sanjay Malhotra has sent mixed signals to depositors. On one hand, it proposed landmark reforms to protect heirs of deceased depositors, mandating asset transfer within 15 days and imposing strict penalties for delays. On the other, it distanced itself from ICICI Bank’s move to raise minimum balances to exclusionary levels — a decision that could harm financial inclusion. Sucheta Dalal breaks down RBI’s contradictory actions, the real impact on ordinary depositors, and why systemic reform is long overdue.
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