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RBI ISSUES GUIDELINES FOR 24/7 DIGITAL BANKING UNITS

Context

The Reserve Bank of India declared that existing banks could establish digital banking units to provide products and services 24 hours a day, seven days a week, in self-service and assisted modes. In the Union Budget, the government announced that at least 75 such units will be created in 75 districts to commemorate the country's 75th anniversary of independence, known as the Azadi ka Amrit Mahotsav.

Key Points

  • Account opening, cash withdrawal and deposit, KYC updation, loans, and complaint registrations are among the products and services to be supplied at a DBU, according to the legislation for the building of Digital Banking Units (DBUs).
  • According to the guidelines, scheduled commercial banks with digital banking experience are permitted to open DBUs in Tier 1 to Tier 6 centres without seeking RBI approval.
  • Each DBU must be housed individually, with its entrance and exit.
  • According to the guidelines, these units will be distinct from traditional banking shops, with forms and styles tailored to digital banking customers.

What is DBU?

  • DBU refers to a specialised fixed point business unit/hub with fundamental infrastructure for delivering digital banking goods and services to consumers simply and cost-effectively.

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