New Delhi. Reserve Bank of India – RBI wants to make digital banking and secure, transparent and customers. For this, he has prepared a draft of new rules. According to these rules, the bank will now take clear and recorded approval (consent) before giving any digital banking facility to the customer. That is, without your ‘yes’, you will not be given online or mobile banking facility.
What do new rules say?
If banks have to introduce a digital facility that can lead to transaction of money (such as fund transfer, loan), then first of all, they will have to get special permission from the RBI. Also, every customer will have to take his consent and keep it safe before providing that facility.
It will be mandatory to fully follow all the rules like IT outsourcing, protection of digital payment, fraud (fraud) while giving digital banks to banks. Digital banking includes Internet banking, mobile banking app and other electronic methods (eg tablet).
Two types of facilities, two types of rules
At present, banks provide two types of digital facilities, like…
1. Just viewer (view-online): Like checking balance, downloading bank statement. There is no money transaction in this.
2. Transactions (transactional): such as transfer, taking loan, filing bills. There is an exchange of money in it.
What will be the change according to the new draft
View-only facility: Banks can start it immediately, but RBI will have to inform within 30 days of starting.
Transaction facility: Special permission will have to be obtained from RBI before starting it. To get permission, the bank should have a total assets of at least Rs 500 crore. Also, the bank should have strong technical systems and an audit report of the Indian Computer Emergency Response Team (CERT-in).
Good news for customers: more transparency and safety
The new draft includes some special things keeping in mind the interests of customers…
Clean Consent and Conditions: Banks will have to clearly take consent from customers to digital service. Conditions and information of service will have to be given in easy language (in English, Hindi or local language) so that everyone can understand.
Reinnces on fraud: Banks will have to decide the limit of transaction, regularly check fraud and keep an eye on the banking behavior of the customers so that if there is any disturbance, it can be known.
Ban on third party services: Banks only the services or products of those third party on their digital platform (eg app or website) Will be able to show, which the RBI itself has approved. That is, products without RBI approval will not be seen on banking apps.
Next step: The RBI has issued this draft and sought suggestions from the general public, banks and other stakeholders till 11 August 2024. Only then will they be finalized.
