Lenders will implement appropriate risk mitigation measures such as transaction limits (per transaction, daily, weekly, monthly), transaction rate limits and fraud controls, among other factors, depending on their risk perception. | Photo credit: ANUSHREE FADNAVIS
“While it may be more convenient for the customer to opt for some services together (for example, virtual access to card checks), the choice to apply for digital banking facilities lies solely with the customer. However, it is clarified that banks may continue to obtain and register customers’ mobile numbers for sending transaction alerts and other purposes in accordance with KYC requirements at the time of opening accounts,” the report said.
Banks must also obtain explicit customer consent for offering digital banking services, which can be duly recorded. It will also clearly indicate that SMS/Email alerts will be sent to the mobile number/email address of the customer registered with the bank for transactions.
Risk mitigation measures
Lenders will implement appropriate risk mitigation measures such as transaction limits (per transaction, daily, weekly, monthly), transaction rate limits and fraud controls, among other factors, depending on their risk perception.
“It is clarified that where specific requirements have been prescribed by the Reserve Bank or payment system operators (e.g. NPCI, card networks such as VISA, Mastercard, etc.), the more stringent requirements of these two will apply,” the regulator said.
Further, third party products and services, including those of promoter groups or banking group entities (subsidiaries/joint ventures/associated companies), shall not be displayed on banks’ digital banking channels except as specifically permitted by the RBI.
Published on November 28, 2025
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