RBI reiterates usage of digital modes for banking transactions

Mumbai, May 20 () As the country enters the fourth round of lockdown, the Reserve Bank of India (RBI) on Wednesday reiterated usage of digital modes for banking transactions.

Earlier this week, the National Disaster Management Authority (NDMA) announced lockdown 4.0 till May 31 to check the spread of coronavirus.

The use of digital payment modes has become more important as the ongoing nationwide lockdown, imposed to maintain social distancing to contain the spread of coronavirus, has restricted the movement of people.

In the campaign launched on a microblogging site, the central bank said digital payment modes make it easier for people to do banking transactions while being safe at home and at any hour of the day.' Advertisement

"Safe digital transactions can be done from the safety of your home," the RBI's campaign emphasised.

The multiple digital payment options include NEFT, IMPS and UPI that are available round-the-clock.

RBI Governor Shaktikanta Das earlier appealed to the public to use every precautionary measure, including digital banking, to maintain social distance.
Advertisement

The RBI, however, warned customers to be vigilant while using digital modes of transactions and also advised them to alert their banks in case of any fraud. HV HRS
{{}}

(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)