With the intent of bettering shopper safety amid circumstances of digital frauds, the Reserve Bank of India (RBI) is in discussions to arrange a fraud registry to create a database of fraudulent web sites, telephones and varied strategies utilized by fraudsters.
The RBI is in discussions with totally different stakeholders together with the central financial institution’s division of funds and settlement and supervision, RBI Executive Director Anil Kumar Sharma stated in an interplay, including that such a database will assist forestall these fraudsters from repeating the fraud because the web sites or telephone numbers can be blacklisted.
Sharma, nonetheless, stated that there’s “no definite timeline” for organising of the fraud registry. “At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI,” he stated.
Payment system members will probably be supplied entry to this registry for near-real time fraud monitoring. The aggregated fraud information will probably be revealed to coach prospects on rising dangers.
Sharing complaints filed below the Ombudsman Scheme, he stated, 4.18 lakh complaints have been obtained throughout 2021-22 as towards 3.82 lakh within the earlier 12 months. As many as 97.9 per cent circumstances have been cleared final monetary 12 months as in comparison with 96.5 per cent within the previous 12 months. About 39 per cent of the complaints obtained by the RBI throughout final monetary 12 months associated to digital transactions.
Last 12 months, Prime Minister Narendra Modi had launched an built-in shopper grievance redressal mechanism for addressing service deficiencies in banking, NBFCs and digital fee techniques. To make the alternate dispute redressal mechanism easier and extra aware of the shoppers of regulated entities, the Prime Minister had launched ‘One Nation One Ombudsman’.