Now the fraud number will be known instantly, RBI's instructions to banks - call customers only from this number
RBI instructions to banks: RBI has issued special instructions to banks to curb financial fraud. Banks have been asked to use 1600 phone number series for calling customers and 140 phone number series for promotion. RBI has asked banks and other regulated entities to monitor their customer database and delete unusable data.
RBI has also asked the banks to call customers for transaction purposes on only the series of '1600. The banks as well as other regulated entities, which contact or SMS its customers for promotional proposal are suggested for using the '140 series of your phone number.
RBI believes that this will curb financial fraud. Apart from this, RBI has asked banks and other regulated entities to monitor their customer database and delete unusable data. The RBI has asked the banks through a circular to update the registered mobile number, which must be properly verified, and step up monitoring of accounts linked to deactivated mobile numbers to prevent linked accounts from getting into fraud.
It has asked for compliance with the instructions before 31 March 2025. RBI said the spread of digital transactions brought convenience to customers, but at the same time, it has resulted in an increase in fraud, a matter of serious concern that underlines the need for concrete action against fraud.
In another circular, the RBI asked all banks to ensure nominees in all existing and new accounts and lockers. The central bank said a large number of accounts do not have any nominee. Nominee facility, it said was essentially aimed at reducing hardship of family members on the death of the account holder and prompt settlement of the claim.
RBI said that banks can make suitable amendments to the account opening form to allow customers to avail the nomination facility. Banks and NBFCs should also launch a campaign to ensure nominees in bank accounts.
