The Reserve Bank of India (RBI) has issued guidelines that underline existing banks can open digital banking units to offer products and services around-the-clock.
According to Business Standard, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of India’s independence.
The guidelines detailed that the products and services to be provided at a digital banking unit include opening of accounts, cash withdrawal and deposit, KYC updating, loans and complaint registrations.
The guidelines said, “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.”
Scheduled commercial banks that have experience in digital banking are able to open DBUs in Tier 1 to Tier 6 centres without having the need to take permission from the RBI.
The guidelines also outlined that each DBU shall be housed distinctly with separate entry and exit provisions. These units, the RBI states, will be separate from existing banking outlets with formats and designs most appropriate for digital banking users.
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