Current Affairs · Banking Sector Regulations
What is a primary requirement for commercial banks looking to launch new digital banking channels as per the RBI's 'Digital Banking Channels Authorisation Directions'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Banks are completely exempted from submitting risk assessment reports to the RBI
- 2Banks need to mandate biometric authentication for all transaction types
- 3Banks must submit a Gap Assessment and Internal Controls Adequacy (GAICA) report✓
- 4Banks must obtain prior approval from the Ministry of Finance for every digital channel
Correct answer
Banks must submit a Gap Assessment and Internal Controls Adequacy (GAICA) report
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