RBI instructions to banks: RBI has taken a big decision to curb the ever increasing fraud. RBI asked banks to use only '1600' phone number series to call customers for transactions. Banks and other regulatory bodies should use the '140' phone number series when calling or SMSing customers for promotional purposes.
An effort to curb financial fraud
RBI believes that this will curb financial fraud. Furthermore, RBI has asked banks and other regulatory bodies to monitor their customer databases and remove unnecessary data.
RBI issued circular
RBI, in a circular issued to banks, asked them to update registered mobile numbers after proper verification and increase monitoring of accounts linked to canceled mobile numbers to prevent the linked accounts from being involved in frauds.
Instructions have to be followed before March 31
RBI has asked to follow the instructions before March 31, 2025. RBI has said that the spread of digital transactions has brought convenience to consumers but it has also led to an increase in frauds. This is a matter of grave concern and emphasizes the need to take strict action against it.
In another circular, RBI has asked all banks to ensure nominees in all existing and new accounts and lockers. The central bank said that there is no nominee in a large number of accounts. The objective of the nominee facility is to minimize the hardships faced by family members on the death of the account holder and to ensure prompt settlement of claims.
RBI further said that banks may make appropriate amendments in the account opening forms to enable customers to avail the nomination facility. Banks and NBFCs should also launch a campaign to ensure that individuals are enrolled in bank accounts.
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