As per the guidelines presented by the Reserve Bank Of India, the banks will be issuing debit cards to the customers in relevance to their Board approved the policy. As per the KYC updated from 29th of May, 2019, RBI’s Master Direction has been that Banks are supported to attain the Aadhaar number from a person who is entitled to acquire the benefit or subsidy under any scheme that is notified under section 7 of the Aadhaar Act,2016.
This Act includes all the targeted delivery of the financial as well as other subsidies, advantages and also services. The customer needs to carry forward the Aadhaar number to the bank. It is the bank who will acquire the receipt of the same for carrying out the authentication of the customer’s Aadhaar number. This will be done with the use of e-KYC authentication approach that is provided by the Unique Identification Authority of India.
Again, all of the same is under the guidelines of the customer’s declaration where he/she is entitled to receiving any benefit or subsidy under the scheme notified under section 7 of the Aadhaar Act, 2016 as mentioned above.
Furthermore, it is the responsibility of the bank to conduct the Aadhaar authentication of a person or individual who makes use of the Aadhaar number when it comes in terms of their identity verification.
RBI has circulated the methodology of National Electronic Funds Transfer, also known as NEFT as well as Real Time Gross Settlement/GTGS systems, dated on 11th July 2019. They have decided that the procedure of the same will come into effect from 1st July 2019, where there will be processing charges as well as time-varying charges being imposed on banks by the RBI. This will be done for transactions that are getting processed in the NEFT system will be waived by the RBI.
Also, the banks have been advised by RBI that they will carry forward the benefits to their customers for undertaking transactions with the use of RTGS and NEFT systems.
It has been presented by the RBI on 14th August 2014 regarding the rationalisation of the number of free transactions which has been under the following circumstances –
● When it comes to ATM transactions at any place, there could be a minimum of 5 free transactions. It even includes ATM of any other bank, even at the non-metro location.
● A minimum of nearly 3 free transactions at any other bank’s ATM is permitted. This is applicable to nearly 6 metro locations which are New Delhi, Chennai, Kolkata, Bengaluru, Mumbai and Hyderabad.
● There are levied customer charges of 20 rupees per transaction that includes service tax, if any, that could be applicable post the usage of the free transactions.
RBI has also presented the banks with the idea of assuring the customers that the charges structured on ATM transactions, as per their Board approved the policy, should be informed in a proper and transparent way.
The implementation of the same has been imposed and put further by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs of India.
