RBI Governor Sanjay Malhotra, during the monetary policy announcement on October 1, stated that the availability of digital banking facilities on Basic Savings Bank Deposit Accounts (BSBD) would significantly facilitate people. They would be able to access banking services from the comfort of their homes. This is considered a major step towards financial inclusion in the country, i.e., bringing a large segment of the population within the scope of banking services.
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Digital Banking System: The RBI has made a major announcement during the festive season. Central Bank Governor Sanjay Malhotra announced on October 1 that Basic Savings Bank Deposit Account (BSBD) holders will now also have access to digital banking services. This will benefit millions of bank account holders. Until now, digital or online banking services were only available on regular bank savings accounts. This means that now, Basic Savings Account holders will also be able to use mobile and internet banking.
What the RBI Governor Said
RBI Governor Sanjay Malhotra, during the monetary policy announcement on October 1, stated that the availability of digital banking facilities on Basic Savings Bank Deposit Accounts (BSBDs) will greatly facilitate people, allowing them to access banking services from the comfort of their homes. This is considered a major step towards financial inclusion in the country, i.e., bringing a large segment of the population within the scope of banking services. Currently, BSBDs offer deposit and withdrawal facilities. These accounts can now be deposited through electronic payment channels. The bank also issues a free ATM card to account holders. Digital banking facilities are not currently available with this account.
Millions of account holders will benefit
The RBI allowed banks to open BSBD accounts to bring a large segment of the population within the reach of banking services. This account provides basic banking services. Customers receive these services free of charge. Importantly, they do not have to maintain any minimum balance. While presenting the monetary policy, RBI Governor Malhotra stated that the process of digitization in the banking sector is ongoing. Therefore, keeping in mind the needs of customers, it has become necessary to provide digital services on BSBD accounts as we
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