RBI seeks to tighten norms for digital banking

"Third-party products and services, including those of promoter groups or bank group entities, shall not be displayed on banks' digital banking channels except as specifically permitted by the Reserve Bank from time to time," the RBI stated in its draft Digital Banking Channels Authorisation Directions, which is open for public feedback until August 11. The RBI has also stated that banks should not make it mandatory for the customer to opt for any digital banking channel to avail any other facility like debit cards.

RBI draft: Digital banking not mandatory for other services, stronger fraud protection rules proposed

The RBI, in its draft circular for digital banking, stated that banks should not mandate digital banking for users to access other services. Banks need to obtain explicit consent from the customer for providing digital banking services, which may be duly recorded.

SIP of Rs 15,000 in large and flexi-cap funds: Can it build Rs 1.5 crore in 12 years for child’s education?

Investing Rs 15,000 monthly in large and flexi-cap funds may fall short of Rs 1.5 crore in 12–14 years. Experts suggest diversifying into mid/small-caps and reviewing yearly for better results.