RBI Launches Financial Literacy Week 2025 for Women's Inclusion
In a move to combat financial fraud, the Reserve Bank of India (RBI) has mandated that banks and other regulated entities (REs) utilize the ‘1600xx’ numbering series exclusively for transactional calls to customers. For promotional communications, the ‘140xx’ series should be employed. This directive aims to enhance the security of digital transactions and protect customers from fraudulent activities.
Utilization of Specific Number Series: Banks are required to use the ‘1600xx’ series for transactional calls and the ‘140xx’ series for promotional calls. This measure is intended to distinguish between different types of communications, thereby reducing the risk of fraud.
Monitoring and Cleaning Customer Databases: Financial institutions must actively monitor and update their customer databases. This includes utilizing the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT) to identify and remove invalid or revoked numbers.
Development of Standard Operating Procedures (SOPs): Banks are advised to establish SOPs for updating registered mobile numbers after proper verification and to enhance monitoring of accounts linked to revoked numbers to prevent misuse.
All regulated entities are expected to comply with these instructions by March 31, 2025. This timeline underscores the urgency of implementing these measures to safeguard customers against financial fraud.
The proliferation of digital transactions has significantly increased the risk of financial frauds, with scammers exploiting mobile numbers for unauthorized activities. By implementing these directives, the RBI aims to bolster the security framework of digital financial services and protect consumers from emerging threats.
| Why in News | Key Points |
|---|---|
| RBI instructed banks to use ‘1600xx’ number series for transactional calls to reduce fraud | – RBI Directive: ‘1600xx’ for transactional calls, ‘140xx’ for promotional calls. – Deadline: March 31, 2025. – Fraud Prevention: Aimed at enhancing security of digital transactions. – Monitoring: Banks to update and verify customer mobile numbers. – Mobile Number Revocation List (MNRL): To be used for invalid or revoked numbers. |
| RBI Mandates Use of Mobile Number Revocation List (MNRL) | – MNRL: A tool for ensuring valid mobile numbers are used. – DIP: Digital Intelligence Platform to assist in number verification. |
| Regulatory Entities Affected | – Banks and other regulated entities (REs) are required to comply. |
Brookfield Asset Management has announced a major investment of $1 billion to develop Asia’s largest…
The year 2025 emerged as a landmark period in India’s constitutional and governance history. It…
The Ministry of Micro, Small and Medium Enterprises (MSME) has signed a Memorandum of Understanding…
Chhattisgarh has achieved a major environmental milestone with the declaration of the Kopra Reservoir in…
A Major Reform for the India’s financial sector, the Union Cabinet has approved the Insurance…
National Energy Conservation Day is observed in India every year on 14 December to spread…