After advising banks to display information regarding interest rates
and service charges on the notice board inside their all the
branches, now the central bank has asked them to do the same thing
on their website. For the purpose, RBI has also issued a format in
which the bank should display the information on their websites.
In a notification issued on Friday, RBI has devised a format for
display of information relating to interest rates and service
charges, which would enable the customer to obtain the desired
information at a quick glance. It further said Banks are advised to
display the information as per the format on their websites.
The Reserve Bank has also asked banks to offer credit products
through no-frill accounts for rural and semi-urban customers and use
the business correspondent model effectively to promote financial
inclusion in areas where banking facilities are not available. The
number of no-frill accounts opened by commercial banks in the
country rose to 1,58,37,862 in 2008 so far, as compared to 67,24,667
in 2007.
Banks Should Display Info on Websites: RBI
CA Rajesh S (Chartered Accountant) (1581 Points)
16 September 2008