RBI enables urban cooperative banks to offer home banking services

0
The Reserve Bank of India (RBI), at its Monetary Policy Committee meeting, today announced measures to boost cooperative banks and pass on the profits to its customers. Among them, RBI Governor Shaktikanta Das announced that city cooperative banks can also offer home banking services to their customers.

According to the RBI meeting, “In order to achieve harmonization of regulatory framework among REs and provide convenience of banking services to customers at their doorsteps, it was decided to allow UCBs to extend home banking services to their customers on an equal footing with regular commercial banks.A detailed circular will be issued separately.

“This initiative attempts to make banking services more accessible to older people and people with disabilities,” Das said.

Although not formally defined, the term Urban Cooperative Banks (UCB) refers to major cooperative banks based in urban and semi-urban areas. According to the RBI, “Primary Cooperative Banks, commonly referred to as Urban Cooperative Banks (UCBs), are registered as Cooperative Societies under the provisions of the State Cooperative Societies Act of the State concerned or the Law of 2002 on Multi-State Cooperative Societies”.

According

website, these are the services offered under Door step banking.

Home banking (DSB)

  • Cash withdrawal.
  • Cash delivery.
  • Check withdrawal
  • Retrieval of the check request slip.
  • Pick up from 3 p.m.
  • Delivery of drafts.
  • Issuance of a Term Deposit NoticeIssuance of a Term Deposit Notice.
  • Recovery of life certificate.
  • Collection of KYC documents.

However, the services may differ depending on the bank. However, most basic banking services will be offered. One should check the fees and charges before opting for any services.

How to take advantage of home banking

Many banks offer home banking services to their customers, especially for the elderly and people with disabilities.

Check with your bank to see if your local branch offers home banking services. You can find out by visiting the bank’s website or calling customer service. Some banks may charge based on service and customers.

Other measures announced

  • Individual home loan limits set by urban and rural cooperative banks are being raised by more than 100% to reflect the increase in home values ​​over the past decade.
  • Within the limit of 5% of their total assets, rural cooperative banks can now lend money for commercial or residential real estate projects.
Share.

About Author

Comments are closed.