RBI Specifies norms for doorstep banking

22 Feb 2007

1

Mumbai: Doorstep banking services will now be available as the Reserve Bank of India has issued guidelines for banks on "Doorstep Banking." It has also allowed banks to either deploy their employees or hire agents to extend these services.

Thus individual customers can have cash and other bank instruments picked up from their home or office while only demand drafts will be delivered. Corporate customers can additionally have cash delivered against cheque received at the bank's counter.

The new guidelines allow banks to extend cash delivery services to corporate clients, public sector units and departments of Central and state governments against the receipt of cheque at the branch, and not based on telephonic requests. Individual customers cannot, however, avail of this facility.

Similarly, the delivery of demand drafts for both individual and corporate customers will be done by debiting the account on the basis of requisition in writing or cheque received and not against cash collected at the doorstep.

The RBI has also cautioned banks about risks arising out of these services and asked them to prescribe cash limits.

According to the guidelines, banks have been asked to acknowledge cash collection by issuing receipts and ensuring that it is credited to the customer's account on the same day or the next working day.

The charges for these services would have to be prominently indicated on brochures.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more