The Reserve Bank of India (RBI) said on Thursday that existing banks can open continuously open digital banking units. These units will be of two types – where in the first the customers will take all the services themselves, in the second they can be supported for this.
The government had announced in the general budget to set up at least 75 such units in 75 districts to commemorate 75 years of the country’s independence. The services provided by these units include opening of accounts, cash withdrawal and deposits, KYC updates, loan and complaint registration as per RBI guidelines on setting up of Digital Banking Units (DBUs).
The guidelines stated that digital banking products and services generally mean those financial products and services, which are almost entirely digital, where the customers avail themselves of the products or services.
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As per the guidelines, scheduled commercial banks having experience in digital banking are allowed to open digital banking units in Tier-I to Tier-VI centers (from large to small centres) without taking permission from RBI.