Canara Bank, in partnership with the Reserve Bank Innovation Hub (RBIH), has introduced a new customer-friendly service called “Digitalised Submission of Form 15G/15H,” which is aimed at enhancing customer satisfaction. These are self-declaration forms that individuals submit to the bank to avoid the deduction of TDS on interest income, provided their income is below the basic exemption limit. These forms, namely Form 15G (for individuals and HUFs) and Form 15H (for senior citizens), require PAN information to be furnished.
A lot of residents, especially senior citizens, submit their 15G and 15H forms to their banks at the beginning of each fiscal year, particularly in the first few weeks of April. Presently, our bank allows these forms to be submitted through online banking or mobile banking, which require familiarity with and access to these services. However, many elderly individuals are not accustomed to using internet and mobile banking services, so they have to stand in long queues at bank branches throughout the day to submit these tax exemption forms.
About the Reserve Bank Innovation Hub:
- 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 suggested solution employs technologies that elderly citizens are already familiar with, and uses an OMNI-channel approach. As a result, all depositors, including senior citizens, can now conveniently submit their Tax Waiver forms through SMS and Website, using their registered mobile phone number, from anywhere and at any time.
- 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.
Important takeaways for all competitive exams:
- RBI Founded: 1 April 1935, Kolkata;
- RBI Governor: Shaktikanta Das;
- RBI HQ: Mumbai.
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