RBI seeks to tighten norms for digital banking

“Third-party products and services, including those of promoter groups or bank group entities, shall not be displayed on banks’ digital banking channels except as specifically permitted by the Reserve Bank from time to time,” the RBI stated in its draft Digital Banking Channels Authorisation Directions, which is open for public feedback until August 11. The RBI has also stated that banks should not make it mandatory for the customer to opt for any digital banking channel to avail any other facility like debit cards.

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