RBI Issues 244 Master Directions, Bans Mandatory Digital Banking

The Reserve Bank of India (RBI) has issued new rules to make banking easier and clearer.

They have replaced over 9,000 old rules with 244 new master directions.

These new rules apply to different types of banks and financial companies.

One important rule is that banks cannot force customers to use online banking to get other services like debit cards.

Customers must give clear permission before banks can offer them digital banking services.

Banks can still use customers' mobile numbers to send important messages.

Banks must also have safety measures like limits on transactions and checks for fraud.

Additionally, banks cannot show third-party products on their digital banking platforms unless the RBI allows it.

These rules aim to protect customers and make it easier for banks to follow the rules.