Reserve Bank of India has allowed Regional Rural Banks (RRBs) to launch online transaction through internet banking.
- Profitable RRBs with minimum Rs 100 crore networth and better asset quality will be allowed to offer this service.
Eligibility:
- Banks with capital adequacy ratio over 10% will be allowed to introduce the online transaction services.
- RRBs need to have their gross NPA ratio less than 7% and their net NPA should not exceed 3%.
- The bank should have made a net profit in the immediate preceding financial year and overall, should have made net profit at least in 3 out of the preceding four financial years.
Weak banks will be allowed to offer internet services (view only) without online transaction facilities such as balance enquiry, account statement download or request for cheque books.
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