The Reserve Bank on Friday issued seven new master directions on digital banking channels authorisation for regulated entities, including commercial banks and small finance banks.
This is part of a massive exercise taken by the Reserve Bank of India (RBI) to enhance clarity, ease of access, and reduce compliance burden for regulated entities (REs), thereby supporting the broader objective of improving ease of doing business.
After consultations with stakeholders, the central bank has issued 244 master directions (MDs) consolidating the instructions currently administered by the Department of Regulation on an 'as-is' basis.
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