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Full-stack ‘digital banks’

  • IASbaba
  • November 28, 2021
  • 0
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Full-stack ‘digital banks’

Part of: Prelims and GS-III- Economy 

Context NITI Aayog recently proposed setting up of full-stack ‘digital banks’.

  • Such banks would principally rely on the Internet and other immediate channels to offer their services and not physical branches.
  • The proposal was made to mitigate the financial deepening challenges being faced in the country.
  • Such Digital banks will issue deposits, make loans and offer the full suite of services that the Banking Regulation Act empowers them to. 

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