Can Private Banks in India Keep Records Electronically? Seeking Guidance on Permissions

Permission for Electronic Record Maintenance in Banking

Please guide whether a private banking company, having branches across India, can obtain permission to maintain records electronically. Should such permission be obtained from the central authority, or does it need to be secured from the respective state in which it operates?

Regards,
Partha

Yes, you need to apply to the Assistant Labour Commissioner's office for such permission, and it is granted.

It will be required for all states in which you are operating. Thereafter, you need to maintain these records in the format electronically.

You have to get the approval of the Labour Department of the appropriate government for each individual branch. Records are nothing but proof to the labour department that you are not violating labour laws and are treating all workers properly with basic necessities and social security. If your online records can prove this and if there is a robust system to store them securely (protected from hacking), the labour department will surely welcome your move.