Date:22/07/2005 URL: http://www.thehindubusinessline.com/2005/07/22/stories/2005072202530600.htm

Back `No prior approval required for Net banking'

Our Bureau

Mumbai , July 21

BANKS need not seek prior approval from the Reserve Bank of India for offering Internet banking services to customers, RBI said in a notification on Wednesday.

The RBI guidelines said the respective bank board should approve the Internet banking policy. The policy should fit into the bank's overall information technology and information security policy.

The policy should also take into account operational risk and should also lay down the procedure to be followed for "Know Your Customer" requirements, the guidelines added.