Canara Bank has partnered with Reserve Bank of India innovation hub

Canara Bank has partnered with Reserve Bank of India innovation hub

Daily Current Affairs   /   Canara Bank has partnered with Reserve Bank of India innovation hub

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Category : National Published on: April 26 2023

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  • Canara Bank, in collaboration with Reserve Bank Innovation Hub (RBIH), has announced the launch of "Digitalised Submission of Form 15G/15H" as one of customer friendly services adding to our pursuit of "Customer Delight".
  • Form 15G (Individual and HUF) and Form 15H (Individual-Senior Citizen) are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory.
  • The Reserve Bank Innovation Hub (RBIH) recognized the problem, engaged with various banks to explore possible solutions, and developed a blueprint to resolve the issue.
  • The Reserve Bank of India Innovation Hub (RBIH) is an initiative of the Reserve Bank of India (RBI) that was launched to promote innovation in the financial sector.
  • The RBIH works towards identifying areas where innovation can help address challenges and opportunities in the financial industry, and facilitates the development of solutions through collaboration with banks, fintech companies, and other stakeholders. 
  • Its main goal is to enhance financial inclusion, efficiency, resilience, and customer service through innovation.
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