RBI New Rules for Kids: RBI Allows 10-Year-Olds to Open and Operate Bank Accounts
The Reserve Bank of India (RBI) has taken a significant step toward the financial empowerment of minors by publishing a new set of guidelines on how kids can open and maintain bank accounts. Clarity, structure, and a child-centric emphasis are brought to banking for minors by the new standards, which were designed to streamline and harmonize the current legislation. With youngsters growing up with smartphones, digital wallets, and rapid payments, the new RBI regulations aim to keep up with the times by providing independence with safeguards.