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Internet Banking in India – Guidelines

In June 2001 banks were advised to seek prior approval of Reserve Bank of India before offering transactional services on the Internet. The position has since been reviewed and RBI has advised on 20th July 2005, that while the offering of Internet Banking services will continue to be governed by the provisions of the above circular, no prior approval of the Reserve Bank of India will be required by banks for offering Internet Banking services.

2. Banks should, however, ensure compliance with the following conditions:

a. The Internet Banking policy has been approved by the Bank's Board.

b. The policy fits into the bank's overall Information Technology and Information Security policy and ensures confidentiality of records and security systems.

c. The policy takes into account operational risk.

d. The policy clearly lays down the procedure to be followed in respect of "Know Your Customer" requirements, and

e. The policy broadly meets the parameters laid down in the earlier circular.

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