Customers of SBI, HDFC, and ICICI Banks should be excited to learn that all branches will now be paperless!

Indian branches without paper: All bank account holders will soon receive some significant news. The way all banks operate will alter once the Reserve Bank of India’s advice is put into practice. The new rule’s implementation will have the most impact on both the bank’s clients and workers. Yes, the RBI has stated that banks and other financial institutions can think about providing an electronic receipt for ATM transactions at ATMs in addition to totally ceasing to use paper in their branches.

Detailed instructions will be created.
The Reserve Bank of India suggested this on Wednesday (July 27). The Reserve Bank stated that it intends to develop a strategy based on best practices to lessen the negative consequences of climate change in a discussion paper on “Sustainable Finance and Climate Risk”. The central bank accomplishes this by utilizing the knowledge of different fora and international organizations. Comprehensive rules will be created in this order for all Reserve Bank-regulated entities (RE).

Paper on the idea of turning branches into green branches
claimed that a plan would be developed to manage the hazards associated with climate change. It added that RE might think about turning some of its locations into “green branches” by doing away with paper and implementing more environmentally friendly banking procedures. Experts caution that this shift will not be simple for banks to implement. As a result, the rural region branch will experience the most problems.

Read More: Money Laundering Act: All rights of ED including arrest, raid, summons are right, Supreme Court’s big decision.

The RBI is accepting comments on the discussion paper through September 30. As a result, REs may think about strategies to promote e-receipts. Additionally, it was suggested that a working group on climate risk and capacity building in the field of sustainable finance be established by the Indian Banks’ Association (RBA).

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