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RBI may establish fraud registry to check bank frauds

The Reserve Bank of India is looking forward to establishing a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety.

According to RBI executive director Anil Kumar Sharma, such a database will assist to stop these fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

“There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI,” Sharma revealed.

Users in the payment system will have access to this registry for almost real-time fraud monitoring. To inform clients about new hazards, the aggregated fraud data will be made public.

Sharma also stated that the customers of the Core Investment Company (CIC) would come under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021.

An integrated consumer grievance redressal process was introduced by Prime Minister Narendra Modi last year to handle service issues with banks, NBFCs, and digital payment platforms.

The prime minister has established “One Nation One Ombudsman” in order to streamline and better serve the needs of the clients of regulated enterprises.

He shared that 4.18 lakh complaints were received in 2021–22 under the Ombudsman Scheme, compared to 3.82 lakh the year before. In the most recent fiscal year, 97.9% of cases were successfully resolved, up from 96.5 % in the year before.

He emphasised that customers should never disclose their account information with anyone and that they should notify the bank right away if they become a victim of fraud in order to reduce their risks.

Don’t install any strange apps on your phone or tablet, he advised, and only ever go to a bank’s, NBFC‘s, or e-wallet provider’s official website.

Inputs from PTI

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