What are the new RBI digital banking rules?

Banks must get explicit customer consent for digital services, can't force digital debit cards, and must implement risk mitigation measures.

Can banks force me to use digital banking for debit cards?

No, the RBI's new guidelines explicitly state that customers cannot be mandated to opt for digital channels for services like debit cards.

What are the RBI's risk mitigation measures for digital banking?

Measures include transaction limits, velocity limits, and fraud checks, based on banks' internal risk assessment.

Home / Business and Economy / RBI Digital Banking: Consent is Key

RBI Digital Banking: Consent is Key

1 Dec

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Summary

Banks need explicit customer consent for digital services.
Customers cannot be forced to use digital channels for debit cards.
RBI imposes risk mitigation measures and transaction limits.

The Reserve Bank of India (RBI) has finalized its guidelines for digital banking channels, emphasizing customer consent and choice. Banks are now required to secure explicit permission from customers before activating any digital banking services, ensuring that essential facilities like debit cards are not exclusively tied to digital access. This move aims to provide customers with greater control over their banking interactions.

To enhance security and manage risks associated with digital transactions, the RBI has directed banks to implement robust mitigation measures. These include setting transaction limits, velocity limits, and incorporating advanced fraud detection systems. Banks must also ensure that mobile banking services, when offered outside dedicated apps, are universally accessible, irrespective of the customer's mobile network provider, promoting inclusivity.