Paperless Branches in India: A big and important news is coming for all bank account holders. After implementing the suggestion given by the Reserve Bank of India, the way of working of all the banks will change. The new rule’s implementation will have the most impact on both the bank’s clients and workers. Yes, it has been said by RBI that banks and other financial institutions can consider giving ATM e-receipt at ATMs along with completely eliminating the use of paper in their branches.
Comprehensive guidelines will be drawn up
This suggestion was given by the Reserve Bank of India (RBI) on Wednesday (July 27). The Reserve Bank, in a discussion paper on ‘Climate Risk and Sustainable Finance’, said that it wants to formulate a strategy based on best practices to mitigate the adverse effects of climate change. For this, the central bank is leveraging the experience of global bodies and other international fora. In this sequence, comprehensive guidelines will be prepared for all Reserve Bank Regulated Entities (REs).
Discussion paper on converting branches into green branches
Said that a strategy would be prepared to effectively deal with the risks of climate change. “RE may consider converting its branches to green branches by eliminating the use of paper in its operations by making banking processes more eco-friendly,” it said. Experts caution that this shift will not be simple for banks to implement. Due to this, the biggest problem will come to the fore in the rural area.
Comments on the Discussion Paper have been invited by RBI by 30th September. As a result, REs may think about strategies for promoting e-receipts. It was also suggested that the Indian Banks’ Association (RBA) may constitute a working group on climate risk and capacity building in the area of ​​sustainable finance.
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