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DIGITISATION OF RETAIL BANKING PRODUCTS
What is the primary driver behind the digitisation of retail banking products in India?
The primary driver is the need to improve customer convenience, reduce operational costs, and expand financial inclusion by leveraging technology platforms such as internet banking, mobile apps, and UPI.
What is a Digital Wallet and how does it function in retail banking?
A software app storing payment credentials for contactless digital transactions.
Which regulatory body oversees the digitisation of retail banking services in India?
The Reserve Bank of India (RBI) oversees the digitisation of retail banking services and issues guidelines on internet banking, mobile banking, and digital payment systems.
What is the full form of NACH and what is its primary use in retail banking?
National Automated Clearing House; used for bulk recurring payment mandates.
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