RBI allows financially sound UCBs to provide doorstep banking services
- Blog|FEMA & Banking|News|
- 82 Views
- < 1 minute
- By Taxmann
- Last Updated on 10 June, 2022
Circular No. RBI/2022-23/66 DOR.REG.No.45/19.51.052/2022-23, Dated: 08.06.2022
The RBI has decided to allow financially sound and well managed (FSWM) Primary (Urban) Co-operative Banks (UCBs) to provide Doorstep Banking Services to their customers on a voluntary basis. However, Non-FSWM UCBs would have to seek prior approval from the concerned Regional Office of the Department of Supervision of the Reserve Bank to provide Doorstep Banking Services. Eligible UCBs may formulate a scheme for providing doorstep Services with the approval of their Boards.
The RBI has further advised the UCBs to take into account the various risks that may arise on account of offering Doorstep Banking Services to customers either directly through their own employees or through agents and take all necessary steps to manage the same. The operation of the scheme may also be reviewed by the Boards of UCBs on a half-yearly basis during the first year of its operation. The scheme may be reviewed thereafter on an annual basis.
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied