rbi: Reserve Bank of India (RBI) has issued new guidelines to stop the increasing financial scams related to mobile numbers and digital transactions. Banks will have to use special numbers for calls and SMS. Its purpose is to prevent fraud through calls and SMS. RBI has made it mandatory to implement these new rules by March 31, 2025. The guidelines require regulated entities (REs) such as banks, non-banking financial companies (NBFCs) and payment aggregators to adopt stricter security measures. this
Mobile Number Revocation List (MNRL)
Under the new rules, emphasis has been laid on Mobile Number Revocation List (MNRL). It has been developed by the Department of Telecom (DoT). All REs must decide whether to block access to accounts linked to canceled or deactivated mobile numbers. This will increase the security of customer data and reduce the incidents of fraud.
monitoring accounts
RBI has directed that such accounts, which are linked to the canceled numbers, should be monitored. This will prevent these accounts from being used for money mules or cyber fraud. RBI has adopted the numbering protocol of the Telecom Regulatory Authority of India (TRAI). REs have to use ‘1600xx’ for service and transaction related calls and ‘140xx’ for promotional calls. With this, the difference between legitimate and unwanted calls can be easily identified.
customer care number registration
All entities will have to register their customer care numbers on the Telecom Sathi portal of DoT. Its aim is to help customers identify fake numbers and increase transparency.
Ways to stop unwanted calls
Under TRAI directives, all entities will have to register on the Distributed Ledger Technology (DLT) platform. Use of pre-approved content templates for SMS and calls and taking digital consent from customers for promotional messages will be mandatory. This process will help in weeding out unregulated telemarketers and tracing telecoms.
Customer Awareness and Data Security
RBI has directed REs to inform customers about these new security features through email, SMS and in local languages. Emphasis has also been laid on ensuring data privacy and reporting immediately in case of any breach. These measures aim to secure India’s digital financial ecosystem and prevent misuse of mobile numbers. This initiative of RBI and TRAI is a big step towards curbing increasing fraud in digital transactions.
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