RBI has set new rules to stop calls and messages from fake numbers in the name of banks. Under this, now banks have to make calls and messages from new number series. Along with this, some more strict rules have been set. Know what is in the new rules and how will these rules stop fraud?
RBI Rules: The Reserve Bank of India (RBI) has issued new guidelines to prevent increasing financial fraud through voice calls and SMS. In this, regulated entities (REs) have been asked to adopt strict security measures by March 31. The measures prescribed by the RBI try to prevent fraud caused by misuse of mobile numbers, which are commonly used in fraud in digital transactions. Under this, rules have been set regarding registration and number series for commercial calls or messages. RBI and TRAI are trying to secure India’s growing digital financial ecosystem by preventing the misuse of mobile numbers in fraudulent activities.
One of the new rules of RBI is that banks, NBFCs and payment aggregators will use the Mobile Number Revocation List (MNRL) of the Department of Telecommunications (DoT) to remove access related to illegal or closed mobile numbers. Also, accounts linked to them will have to be monitored so that their misuse can be prevented. RBI has asked the companies to make their customers aware of these rules through email, SMS and in regional languages.
Soon the companies will call from these numbers
RBI has decided that now banks, stock brokers and other financial institutions as well as small and big businessmen will have to make voice calls from 140/160 numbering series for commercial messages. This means that soon service and transactional messages will come from numbers like ‘1600xx’ and promotional calls will come from numbers like ‘140xx’. This will reveal who is registered and who is not.
Entities will have to register their customer care number
According to the new rules of RBI, entities will have to register their customer care number on the Sanchar Sathi portal of the Department of Telecommunications (DoT). This rule has been brought to increase transparency and help customers identify fake numbers. To prevent unsolicited commercial communications, all entities will have to register on TRAI’s distributed ledger technology (DLT) platform, use pre-defined templates for SMS and calls, and obtain explicit digital consent from customers for promotional messages. This is being done to curb telemarketers who are not regulated and to ensure traceability of every communication. Under the new RBI rules, entities will be required to disclose any breach in security.
