RBI bars banks from promoting third-party products on digital platforms; new draft rules mandate customer consent, risk checks for online banking
Reserve Bank of India
(RBI) has proposed a ban on displaying third-party products and services, including those from promoter groups and subsidiaries, on banks' digital banking platforms.
Issuing its draft 'Digital Banking Channels Authorisation Directions, 2025' on Monday, RBI said such displays will only be allowed if specifically permitted by the regulator.
Risk-based monitoring mandatory
According to the draft norms, banks will be required to implement risk-based transaction monitoring and surveillance mechanisms. They must track customer transaction patterns, flag unusual transactions, and, where necessary, seek prior customer confirmation for outlier transactions in line with their fraud risk management policies.
RBI has invited feedback from stakeholders on the draft guidelines until August 11.
Digital channels should be network independent
The draft also mandates that mobile banking services offered by banks should be accessible across mobile network operators, ensuring network independence for customers.
Additionally, banks cannot make digital banking enrollment mandatory for availing other facilities, like debit cards. 'The choice to apply for digital banking facilities shall lie solely with the customer,' the draft said, adding that explicit customer consent must be recorded for providing such services.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
This Sticky Sweet Treat Is Healthier Than You Think – 15 Reasons to Add It to Your Diet!
lovemyfamilymag.com
Learn More
Undo
RBI approval needed for transactional banking facilities
Banks seeking to launch transactional digital banking services must obtain prior RBI approval. Applications must be supported by a board resolution and proof of net worth, which must meet the higher of either the minimum regulatory requirement or Rs 50 crore, as on March 31 of the previous financial year.
Banks using Core Banking Solutions (CBS) and capable of handling IPv6 internet traffic will be allowed to offer view-only digital banking services.
The proposed rules aim to enhance customer protection, improve risk management, and prevent misuse of digital platforms for marketing unrelated third-party products.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
34 minutes ago
- Time of India
UP offers subsidy on seeds, training to farmers to promote sesame cultivation
Lucknow: The state govt said on Friday that it was actively promoting sesame (til) cultivation across the state. "By offering subsidies on seeds and providing scientific training to farmers, the govt aims to reduce cultivation costs while boosting productivity," a state govt spokesperson said. Sesame is cultivated on approximately 5 lakh hectares of land in the state during the Kharif season. Recognising its potential in low-rainfall areas and non-waterlogged lands, the agriculture department has intensified efforts to encourage farmers to take up sesame farming. Due to its low input cost and high market value, sesame offers a good profit margin per unit area, making it an ideal crop for rain-fed regions. To ease the financial burden on farmers, the department is providing a subsidy at the rate of Rs 95 per kilogram on certified sesame seeds. Key varieties being promoted include RT-346, RT-351, Gujarat Til-6, RT-372, MT-2013-3, and BUAT Til-1. The agriculture department is also training farmers in scientific techniques to enhance yield and improve quality. The minimum support price (MSP) for sesame was set at Rs 9,846 per quintal, ensuring a fair return to the cultivators. The department said that unused patches of farmland can be used for sesame cultivation using micro-irrigation methods, giving farmers an extra source of income.
Time of India
34 minutes ago
- Time of India
‘UP RERA issued 5,700 RCs since 2017, recovered Rs 1,410 crore'
Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has recovered Rs 1,410 crore against 5,700 recovery certificates issued since it started functioning in 2017, according to chairman Sanjay Bhoosreddy. Additionally, around 1,650 recovery certificates were mutually settled between promoters and allottees. UP RERA also facilitated resolution in 8,500 cases involving refunds and possession, valued at Rs 3,320 crore, through execution proceedings and conciliation forums in Lucknow and Greater Noida. In total, claims worth Rs 5,180 crore from 15,850 allottee-complainants have been discharged—either through recovery, mutual settlement, enforcement proceedings, or conciliation. The authority continues to play a pivotal role in safeguarding homebuyers' interests and ensuring accountability in the real estate sector.
Time of India
34 minutes ago
- Time of India
DM to receive award for Bahraich's performance as aspirational district
Bahraich: To recognise the success achieved by Bahraich, an aspirational district, in governance and development, district magistrate Monika Rani will receive silver medal during 'Sampoornta Abhiyan Samman Samaroh' to be held in Lucknow between July 28 and Aug 2. The district has recorded 100% achievement in five key indicators under aspirational district and aspirational block programmes. Separate awards will be given for achievements at the district and block levels during the event. The five indicators in which Bahraich district and Huzoorpur block achieved full saturation include ANC (antenatal care) registration in the first trimester of pregnancy, screening for hypertension and diabetes among individuals aged 30 and above, regular receipt of supplementary nutrition by women through anganwadi centres and distribution of soil health cards. NITI Aayog had set targets for full saturation in five indicators under the Sampoornata Abhiyan from July to Sep 2024. These indicators span key areas such as health and nutrition, education, agriculture and water resources, financial inclusion, skill development, and infrastructure. Addressing a meeting at Vikas Bhawan auditorium, DM Monika Rani said that the milestone brought honour to Bahraich and added that frontline workers, including agricultural assistants, education volunteers, ASHAs, ANMs, Anganwadi workers, and members of self-help groups would also be felicitated at the event. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Happens To Celebrities That Go To Jail? Undo She asked the officials concerned to ensure all preparations for the event are completed in advance for smooth and successful celebration. In addition to awards ceremony, the newly constructed auditorium in Kapoorthala will also be inaugurated. As part of the Government of India's 'Vocal for Local' initiative by NITI Aayog, a week-long 'Aakanksha Haat' will be organized at the district level to showcase and promote products and handicrafts of local artisans.
