Refer to PSD Circular No. 03 of 2018 on the subject of “Electronic Funds Transfer (EFT) Regulations”.

2.    At present, all Regulated Entities (REs) providing EFT facility have in place their own list of purposes for the customers to choose from while conducting transactions through internet and/or mobile banking channels. In order to streamline the list of purposes and provide convenience to the customers, a standardized list has been prepared after consultation with the banking industry .

3.   All REs are advised to implement the standardized list of purposes (as enclosed in Annexure-A) and make necessary changes in their digital applications (internet and/or mobile banking), if any, by December 31, 2023.

4.    All other instructions on the subject shall remain same.