RBI guidelines on Digital banking unit norms

RBI released the guidelines on establishment of digital banking units (DBUs) after Finance Minister Nirmala Sitharaman, in her Budget speech for fiscal 2022-2023, had announced setting up of 75 DBUs in 75 districts to commemorate 75 years of independence of the country.

DBU is a specialised fixed point business unit or hub housing certain minimum digital infrastructure for delivering digital banking products and services as well as servicing existing financial products and services digitally in self-service mode at any time, all year round, the RBI said.

Commercial banks (other than RRBs, payment banks and LABs) with past digital banking experience are permitted to open DBUs in tier 1 to tier 6 centres, unless otherwise specifically restricted, without having the need to take permission from the RBI in each case, the central bank added.

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