RBI – Recently, the Reserve Bank of India has issued draft guidelines for NPCI and banks. Under which, RBI has decided to take special steps to prevent banking fraud or digital fraud. Also, if any kind of digital transaction is not done by any vendor for the last 6 months, then the bank should do KYC again.
Khabar TV (Bureau) – RBI Guidelines for Digital Fraud: Almost all the people of the country have stepped into the digital world. It has become easy to transact with people sitting far away through this platform. Many people have adopted the initiative of Cashless India.
However, as the facility of transactions becomes easier, the problems for people are also increasing. With the increase in the use of digital platforms, cases of banking fraud are also increasing and various banks are seen adopting various instructions to prevent them.
Also Read- Arvind Kejriwal News: What is Kejriwal doing in jail, know how he is spending his daysRBI (Reserve Bank of India) has decided to take special steps to prevent banking fraud or digital fraud. RBI has issued draft guidelines regarding this. People have also been asked to comment on this proposal.
What is special in RBI’s draft guidelines?
RBI’s draft guidelines have asked vendors to introduce Aadhaar-Enabled Payment System (AePS). In such a situation, it may be necessary to adopt SMS-based OTP system for digital transactions.
The second draft also calls for the introduction of two-factor authentication for digital transactions. RBI and other banks have instructed NPCI regarding this proposal.
KYC is mandatory if there is no transaction for 6 months-
RBI has also said that if a vendor has not done any kind of digital transaction for the last 6 months, then the bank should do KYC again.
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Apart from this, RBI has given e-mandate for recurring transactions related to insurance premium, mutual fund, credit card bill payment up to Rs 1 lakh and other categories for a value of up to Rs 15 thousand.
At the same time, NPCI has said that they will take special care that AePS is implemented by only one bank. Banks and NPCI have been given 3 months to follow the instructions of these proposals. Also, regarding these proposals, RBI has said that common people can also give their opinion till 31 August.