What is the Full Form of DBOD?

The full form of DBOD is the Department of Banking Operations and Development. The Reserve Bank of India (RBI)’s DBOD division is in charge of establishing the policies, procedures, and guidelines that direct the activities of banks, cooperative banks, and non-banking financial organizations in India. 

The DBOD is in charge of monitoring and controlling the activities of these institutions in order to maintain financial stability and promote the development of the banking sector. 

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Functions and Responsibilities of DBOD

• The DBOD creates rules for the growth and operation of banks, including rules for lending, investing, and risk management.

• New banks must apply for licenses in India, and the DBOD must renew the licenses of already-existing banks.

• The DBOD keeps an eye on how Indian commercial banks are operating, as well as their financial situation and adherence to legal requirements.

• The DBOD oversees bank operations in India, including their lending and investment activities, to ensure the stability of the financial system.

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Initiatives by DBOD

• In January 2021, the DBOD published a circular on digital payment security controls, mandating banks and other payment system providers to implement extra security precautions to protect client data and thwart fraud in digital payments.

• By using the RBI Retail Direct platform, which was made available by the DBOD in March 2021, retail investors would be able to buy government securities without the assistance of a broker or a demat account straight through the RBI’s online site.

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