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Summary: RBI releases guidelines on establishment of digital banking units

These guidelines will apply to all Domestic Scheduled Commercial Banks.

“The establishment of DBUs (Digital Banking Units) should be part of the digital banking strategy of the bank. The operational governance and administrative structure of the DBUs will be aligned with that of the Digital Banking Segment of the bank,” read guidelines released by the Reserve Bank of India (RBI) on April 7, 2022. “However, in order to accelerate digital banking initiatives, each DBU will be headed by a sufficiently senior and experienced executive of the bank, preferably Scale III or above for Public Sector Banks (PSBs) or equivalent grades for other banks who can be designated as the Chief Operating Officer (COO) of the DBU.” — RBI's 'Establishment of Digital Banking Units' guidelines The guidelines follow an announcement made in the Union Budget for 2022-23 for setting up 75 DBUs in 75 districts to commemorate 75 years of India's independence. The RBI had set up a committee after the announcement to outline a roadmap for the same. The committee has given its recommendations on different aspects of DBU such as the digital banking unit model, monitoring of functioning of DBUs, and cybersecurity, among other things, following consultations. The committee included representatives of banks and the Indian Banks' Association (IBA). Digital banking is slowly emerging as a preferred choice of banking for Indians, as per RBI. The guidelines may encourage banks to set up their digital units and drive up financial inclusion in remote areas which have remained outside the net of traditional banking to date. What do the RBI guidelines stipulate?…

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