Friday, 24 March, 2023

Banks Must Update Basic Banking from the Pre-Mobile Age

<p>Banks have been urged by RBI deputy governor MK Jain to modernise key banking systems created in the pre-mobile era. Banks and financial institutions should support ongoing innovation to increase capacity. This is essential in the dynamic, technology-driven environment of today. He stated that providing banking services over the phone frequently results in the blurring of regulatory boundaries and jurisdictional lines.&nbsp;</p>