RBI's big step to stop banking fraud!
The kind of frauds that are coming to the fore amidst the rapidly growing popularity of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking is a matter of great concern today. Fraudsters steal lakhs of rupees from bank accounts. But now RBI has taken a big step to stop such frauds. The central bank has drafted new rules, which will make it safe for everyone to use wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking. From internet banking to mobile banking, all the online services provided by the bank are included in this new guideline of RBI.
What is the new draft of RBI?
Under the new rule, the bank will have to give its customers the option whether they can only view the bank account online or want the full transaction service. The bank cannot force anyone to use wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking, even if they want to use only the debit card.
RBI also wants the bank to take permission of the customer before signing up for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital services. Every customer will be clearly told how much will be charged for him. If there is any problem, then how it will be resolved and information about every transaction must be given to him through email or SMS.
Another important thing is that the bank cannot force to take any third party products like investment plans or insurance, nor can it show it on its website without RBI's permission.
The bank will have to do this work
To crack down on online fraud, all banks will have to use fraud detection tools, so that any kind of suspicious transaction can be closely monitored. They will also have to study the daily expenses of the customers, so that any transaction that is different from this can be easily identified. This draft has been shared by RBI on Monday. The central bank has sought suggestions from banks, experts and people on this by august 11, 2025.