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of <h1>Central bank expands mandatory free services for Basic Savings Bank Deposit accounts to digital banking and stronger ombudsman</h1> The central bank has expanded the mandatory free services for Basic Savings Bank Deposit (BSBD) accounts to include digital banking (mobile/internet) and proposes strengthening internal ombudsman mechanisms; the national ombudsman scheme will be revised and extended to rural cooperative banks. BSBD holders cannot maintain any other savings account at the same bank and must close any existing savings account within 30 days of opening a BSBD account. BSBDs remain subject to the Prevention of Money-laundering Act, related rules and the regulator's KYC/AML instructions, though simplified KYC norms are permitted to facilitate account opening as part of financial inclusion measures.
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