Categories: Banking

RBI to release”fraud registry” blacklist with details of Scammers

To help it keep repeat offenders out of the banking system, the Reserve Bank of India (RBI) is developing a Fraud Registry blacklist. According to Executive Director Anil Kumar Sharma, the fraud registry would record data such as IP (internet protocol) addresses and phone numbers frequently used to commit fraud. Banks would be able to report these details to Reserve Bank of India (RBI) through a mechanism that would be developed. That will assist RBI in stopping these criminals from abusing the financial system to commit fraud after fraud after fraud.

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RBI to release”Fraud Registry” blacklist: Key Points

Anil Kumar Sharma stated that the Reserve Bank of India (RBI) will work to get fraudsters banned as soon as their IP addresses, phone numbers, and other details were discovered from fraud registry.
The RBI is working on this fraud registry and has discussions with different organisations, Sharma said, adding that other stakeholders and several RBI departments have also been consulted about the fraud registry.
According to data provided by Sharma, the Reserve Bank of India (RBI) received 4.18 lakh complaints through its ombudsman programmes in 2021–22, an increase of 9.4% from the prior fiscal year. An officer who handles public complaints brought against regulated entities is known as an ombudsman.
Each year, the ombudsman receives more than 40% of complaints involving credit cards, debit or ATM cards, and online and mobile banking. Fraud registry could counter this problem.
Approximately 10% of all complaints are about situations where someone attempted to use an ATM to withdraw cash but discovered that, despite the money being deducted from their account, the machine did not really discharge any cash.

RBI to release”Fraud Registry”: One Nation One Ombudsman Strategy

Under a “One Nation One Ombudsman” strategy, the RBI streamlined its grievance redressal process and launched the Integrated Ombudsman Scheme in November 2021. Three independent schemes—one for banks, one for non-bank financial organisations, and one for digital transactions—were merged under the integrated ombudsman. Now, Fraud registry blacklist will help this strategy to get better.