Nowadays, fraud and spam calls are quite common which leaves mobile users frustrated with the constant barrage of spam calls.
It appears that the cases of scams and financial fraud through these calls have become increasingly frequent these days.
RBI’s Initiative For Banks & Financial Institutions
It is found that several users fall victim to such scams as they mistakenly take these calls for genuine communications from their banks.
The Reserve Bank of India (RBI) has shown growing concern towards this and it has taken a significant step to address this.
Under this initiative, the country’s central bank has introduced two dedicated phone number series which will be used by the financial institutions.
The financial institutions must use these series for making transaction and marketing calls to their customers.
This latest initiative by the country’s regulatory body aims to protect mobile users from fraudulent calls further improving trust in legitimate communications.
How Does It Work?
Now, banks are required to use phone numbers starting with 1600 for all transaction-related calls as per the latest RBI notice.
In simple words, now banks and all the financial institutions who need to make any legitimate call regarding a transaction or financial matter should begin with the number 1600.
This would definitely help the individuals in identifying authentic calls and steer clear of potential scams.
In case of marketing calls and SMS, the RBI has allocated two distinct number ranges.
Out of this, the numbers starting with 1600 will be used for transaction-related communications from banking services.
Similarly, the numbers starting with 140 will be used for promotional calls and SMS notifications offering services like personal loans, credit cards, or insurance.
This way, the users can easily distinguish genuine bank offers from fraudulent claims made by scammers pretending to represent banks.
Moving ahead, this latest initiative by the RBI is expected to provide significant relief and enhance the safety of financial communications.
This is very crucial considering the rise in incidents of online and phone fraud, where scammers often deceive people by posing as bank representatives to steal large sums of money.
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