Banks will soon offer 24X7 digital services: RBI’s big move to help customers | Economy News

New Delhi: The Reserve Bank of India said on Thursday that existing banks can open digital banking units to offer self-service and assisted products and services around the clock.

In the Union budget, the government announced the establishment of at least 75 such units in 75 districts to commemorate 75 years of the country’s independence under the name “Azadi ka Amrit Mahotsav”.

According to the Guidelines on Creating Digital Banking Units (DBUs), the products and services to be provided in a DBU include account opening, cash withdrawal and deposit, KYC update, loans and complaint records.

“Digital banking products and services generally refer to financial products/services whose designs and executions have an almost end-to-end digital lifecycle, with the initial customer acquisition/product delivery necessarily taking place digitally via open source. -service or assisted self-service,” it said.

A DBU is a specialized fixed-point business unit/hub housing certain minimum infrastructure to deliver digital banking products and services to ensure convenient and cost-effective banking for customers.

Regular commercial banks with experience in digital banking are allowed to open DBUs at Tier 1-6 centers without the need to obtain permission from the RBI, according to the guidelines. Also read: Tere bhai ne sara paisa chura liya: BharatPe CEO tells Ashneer Grover’s sister amid salary backlog

Each DBU should be hosted separately with separate input and output arrangements. These units will be separated from existing banking outlets with formats and designs most appropriate for digital banking users, according to the guidelines. Also read: Tata Group launches Tata Neu: 10 big things you need to know about the super app