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Banks may need to seek customer consent for receiving deposits, Centre consulting RBI: report

The Central government has written to the RBI seeking its views on a way to enable bank customers to have control over deposits made into their accounts; banks may need to seek customer consent before allowing an incoming transfer to accounts. This was reported by Business Standard. The Finance ministry has reportedly said that banks will need to notify customers when someone tries to deposit money in their accounts, customers will then have to either accept or reject the transfer request. This may be a paid service, and hence may not be open to all customers. Finance Minister Nirmala Sitharaman had indicated of such a service in July: Government will initiate steps to empower account holders to remedy the current situation in which they do not have control over deposit of cash by others in their accounts. — Finance Minister…

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