Why go to a bank when bank itself comes all the way to your doorstep? With the revisiting of doorstep banking, which works on this very notion, now the busy customers of the modern era have a big reason to smile. It is quite an undisputed fact that the value of time has been increasingly getting precious for the modern man with the increasing work pressure and tight schedules. So, in an attempt to bring comfort to these busy customers, RBI took yet another stride towards offering convenient banking. It has paved the way for the comeback of doorstep banking in India. With this, the Indian bank customers can now look forward to the home delivery of banking services.
The concept of doorstep banking was pioneered by the Sewa Bank in 1978, when it had engaged a mobile van to collect cash from areas of high customer concentration. Following this, quite a few banks joined the bandwagon; however, the practice was banned by RBI in the year 1983, following some malpractices, which restricted banks from extending any banking facilities at the premises of their customers.
After a gap of 21 years, in April 2005, RBI once again allowed banks to offer doorstep services to their customers, considering the demand for such services from government departments like Railways, LIC and also from retail customers. Large organizations, which have to make many banking transactions daily, felt that doorstep banking could be very beneficial for them as it would bring down their frequent visits to the bank. The circular issued by the RBI cited, "In view of several requests received from government departments like Railways, etc., to make available banking services at their premises and also representations from banks, it has been decided that a scheme for providing services at the premises of a customer within the framework of Section 23 of the Banking Regulation Act may be formulated by banks with the approval of their boards and submitted to the Reserve Bank for approval." |
