The Reserve Bank of India (RBI) has directed all banks to provide mobile and internet banking facilities for Basic Savings Bank Deposit (BSBD) accounts starting April 1, 2026, reinforcing its commitment to financial inclusion and equitable access.
Key Guidelines
- Digital Access: Banks must offer internet and mobile banking to all BSBD account holders.
- No Charges: Services for cash deposits via branches, ATMs, or business correspondents cannot be restricted or charged.
- Universal Accessibility: BSBD accounts must remain accessible to all, without discrimination based on income, background, or eligibility criteria.
Security and Compliance
- RBI clarified that concerns regarding misuse, such as money mules, are addressed under existing KYC and anti-money laundering norms.
- Restrictions based on perceived security risks are not permitted, ensuring BSBD holders receive same rights and protections as regular savings account holders.
Additional Provisions
- Minors’ Accounts: Will follow the rules applicable to minors holding standard savings accounts.
- Single Account Rule: Each individual can hold only one BSBD account across all banks.
- Declarations: Banks must obtain customer declarations confirming they do not hold another BSBD account.
- Future Registry: RBI may introduce a national registry to prevent duplicate BSBD accounts.
Impact
The directive ensures greater access to digital banking for financially underserved citizens while maintaining regulatory safeguards. It strengthens RBI’s goal of inclusive, affordable, and non-discriminatory banking services across India.
Disclaimer:
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