This is because some people, particularly seniors, who are more vigilant against COVID-19, have been reluctant to return to the 1/4  BIS central bankers' speeches  labor market. In the United States, this phenomenon has been called the “Great Retirement” or “Great Resignation.” Such a decline in the labor force participation rate has not been that evident in Europe or Japan.
RBI, in consultation with IBA is already working on a standardized form for account opening across banks. We also intend to highlight the list of documents that may be offered as a proof of identity and address (KYC) by the customers, in the same form so as to prevent harassment by the uninformed officials. b.