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Banks and Financial institutions could consider to have paperless branches

Published on July 28, 2022
Current Context: Reserve bank of India (RBI) suggested banks and financial institutions eliminate the use of paper at their branches and introduce e-receipts at ATMs.
Banks and Financial institutions could consider to have paperless branches
  • In the discussion paper on 'Climate Risk and Sustainable Finance,' RBI said it intends to adopt global best practices to mitigate the impacts of climate change.
  • The strategy proposed by RBI includes providing guidance to all RBI-regulated entities(REs) to have appropriate governance, the proper strategy to address climate change risks, and a risk management structure to effectively manage them from a micro-prudential perspective.
  • RBI would encourage REs to set a voluntary funding target to increase green funding with the approval of their board. The REs may set an incremental target for green finance over short, medium, and long terms.
  • RBI said in order to green the banking process, REs should convert their branches to green branches by eliminating the use of paper and introducing e-receipts. REs should convert their data centers to green data centers by using renewable energy for sourcing power for the data centers.
  • RBI invited comments on the discussion paper from regulated entities and stakeholders till September 30.
  • Static Knowledge:
    • RBI governor - Shaktikanta Das
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1934

Question:

Q.1 RBI invited comments on discussion report from regulated entities and other stakeholders till_______
a. September 30
b. August 30
c. October 30
d. November 30
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