RBI issues guidelines for banks to set up 24X7 digital banking units – Times of India

MUMBAI: The Reserve Financial institution of India (RBI) on Thursday mentioned current banks can open digital banking units to supply services and products in each self-served and assisted mode round the clock.
Within the Union Price range, the federal government introduced the organising of at the very least 75 such models in 75 districts to commemorate 75 years of the nation’s independence as ‘Azadi ka Amrit Mahotsav’.
In line with the rules on the institution of Digital Banking Items (DBUs), the services and products to be offered at a DBU embody, opening of accounts, money withdrawal and deposit, KYC updation, loans and criticism registrations.
“Digital banking services and products would typically imply these monetary merchandise/providers whose designs and fulfilments have almost end-to-end digital life cycle with the preliminary buyer acquisition/product supply essentially going down digitally via self-service or assisted self-service,” it mentioned.
A DBU is a specialised mounted level enterprise unit/hub housing sure minimal infrastructure for delivering digital banking services and products to make sure handy and cost-effective banking for patrons.
Scheduled industrial banks having expertise in digital banking are allowed to open DBUs in Tier 1 to Tier 6 centres with out having the necessity to take permission from the RBI, the rules mentioned.
Every DBU shall be housed distinctly with separate entry and exit provisions. These models might be separate from current banking shops with codecs and designs most acceptable for digital banking customers, the rules mentioned.

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