The RBI has asked banks to use only the ‘1600’ phone number series for calling customers for transaction purposes. If banks and other regulated entities call or send SMSes to customers for promotional purposes, they should use the ‘140’ phone number series.
Efforts to curb financial fraud 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 remove useless data.
RBI issued circulars to banks In a circular issued to banks, RBI has asked them to update the registered mobile number after proper verification and increase monitoring of accounts linked to canceled mobile numbers to prevent the linked accounts from being involved in fraud.
Instructions have to be followed before 31 March
RBI has asked to comply with the instructions before March 31, 2025. RBI has said that the spread of digital transactions has provided convenience to customers, but it has also increased fraud. This is a serious concern and underlines the need for concrete action against it.
In another circular, RBI asked all banks to ensure nominees in all existing and new accounts and lockers. The central bank said that many accounts do not have any nominees. The nominee facility aims to reduce the hardships of family members on the account holder’s death and speedy settlement of claims.
RBI said that banks can make suitable amendments to the account opening form to allow customers to avail of the nomination facility. Banks and NBFCs should also launch a campaign to ensure nominees in bank accounts.
