Norms for banks to set up 24X7 digital units

Mumbai, April 7

The Reserve Bank of India (RBI) on Thursday said existing banks can open digital banking units to offer products and services in both self-served and assisted mode round-the-clock.

In the Union Budget, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of the country’s independence as ‘Azadi ka Amrit Mahotsav’.

According to the guidelines on the establishment of Digital Banking Units (DBUs), the products and services to be provided at a DBU include, opening of accounts, cash withdrawal and deposit, KYC update, loans and complaint registrations.

“Digital banking products and services would generally mean those financial products/services whose designs and fulfilments have nearly end-to-end digital life cycle with the initial customer acquisition/product delivery necessarily taking place digitally through self-service or assisted self-service,” it said. —