RBI Directs Banks to Use ‘1600xx’ Number Series for Transactional Calls

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.

Key Directives from the RBI

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.

Compliance Deadline

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.

Contextual Background

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.

Summary of the news