The Reserve Bank of India had set up a Working Group on Internet Banking to examine different aspects of Internet Banking. The Group had focused on three major areas of I-banking, i.e, (i) technology and security issues, (ii) legal issues and (iii) regulatory and supervisory issues. Accordingly, the guidelines were issued by RBI on June 14, 2001 for implementation by banks. As per original internet banking guidelines, all banks intending to offer transactional services on the Internet were required to obtain prior approval from RBI. However later on July 20 2005, this restriction was removed thus no prior approval of the Reserve Bank of India is required for offering Internet Banking services. The banks intending to offer the internet banking should have Bank’s Board approved Internet Banking policy to ensure the compliance of RBI guidelines.
Some of the internet banking guidelines are:
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Tags: Internet Banking Guidelines, Internet Banking Guidelines in India
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