RBI mandates stricter digital banking norms
MUMBAI:
RBI
has issued draft guidelines for digital banking channels, mandating stricter customer safeguards across all authorised banks. Banks have been asked to provide a choice between 'view only' and transaction services and have been barred from promoting thirdparty products on their platforms without RBI approval.
The new norms require banks to seek explicit customer consent for digital services, ensure simple disclosure of terms including fees and redressal channels, and send transaction alerts via SMS or email. Banks cannot make use of digital platforms mandatory for access to services such as debit cards. To contain risks, RBI has made it mandatory for banks to adopt fraud detection systems.
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