RBI's New Digital Banking Norms

In a significant move to bolster customer safety and transparency in digital banking, the Reserve Bank of India (RBI) has issued draft guidelines targeting all authorized banks. These guidelines introduce a series of measures designed to protect consumers and ensure fair practices.

Key Highlights of the Guidelines

Banks are now required to offer customers a choice between 'view only' and transaction services, and are prohibited from promoting third-party products without prior RBI approval. Additionally, banks must obtain explicit consent from customers for digital services, clearly disclose terms including fees and redressal channels, and ensure transaction alerts are sent via SMS or email.

Protecting Consumer Rights

The RBI has also mandated that banks cannot force customers to use digital platforms for essential services like accessing debit cards. To further mitigate risks, the adoption of advanced fraud detection systems by banks is now compulsory.

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