Sign In
Learn bits
Economy
Mahesh

30/08/22 21:47 PM IST

RBI to set up fraud registry to check banking frauds

In News 
  • The Reserve Bank of India (RBI) is considering setting up a fraud registry to create a database of fraudulent websites and phone numbers with locations as part of its efforts to strengthen customer protection and check digital frauds.
About the registry 
  • The registry will create a database of fraudulent websites, phones and various methods used by fraudsters.
  • Payment system participants will be provided access to this registry for near-real-time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.
  • Improve consumer protection amid cases of digital fraud
‘One Nation One Ombudsman’
  • Launched in 2021 as an integrated consumer grievance redressal mechanism for addressing service deficiencies in banking, NBFCs and digital payment systems.
  • To make the alternate dispute redressal mechanism simpler and more responsive to the customers of regulated entities.
  • Under this,18 lakh complaints were received during 2021-22 and as many as 97.9 per cent of cases were cleared last financial year.
  • The ombudsman portal has the facility of immediate registration, generation of acknowledgment with a complaint number, tracking of the status of the complaint and less delay. 
Source- Business Standard 

More Related Current Affairs View All

24 Dec

India’s reliance on China for critical minerals

'The Ministry of Mines in 2023 identified 30 critical minerals deemed essential for the nation’s economic development and national security.' While the report highlighted

Read More

24 Dec

The MHA reimposed restrictions in three NE States

'The  Union Ministry of Home Affairs (MHA) reimposed the Protected Area Regime (PAR) in the States of Manipur, Nagaland, and Mizoram to restrict and monitor the movement of fo

Read More

23 Dec

National Farmers' Day

'National Farmers' Day in India, also known as Kisan Divas, is celebrated annually on December 23 to commemorate the birth anniversary of India's 5th Prime Minister, Choudhary Char

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps