RBI Guidelines: RBI issued a warning against fraud under the guise of KYC update

RBI Guidelines: RBI has issued a warning against fraud under the guise of KYC update.

RBI Guidelines: The Reserve Bank of India (RBI) has cautioned the public against falling prey to fraud in the name of KYC updates and sharing of important details like debit and credit card details and OTPs. RBI said in a statement on Monday that it has been receiving complaints and reports of fraud with customers in the name of KYC updation.Also Read – UCO Bank shares rise 10 per cent as RBI lifts PCA restrictions

The usual modus operandi in such cases involves asking customers to share certain personal, account or login details, card information, PIN and OTP or some unauthorized or unverified application for KYC updation using the link provided in the communication. is sought. Also Read – RBI On Fixed Deposit: RBI has changed the rules regarding fixed deposits, the price will have to be paid on a small mistake, get complete information here

RBI has said in its issued statement that in such communication there is also information about threatening to freeze or close the account. Once the customer shares the information over a call or message application, the fraudsters access the customer’s account and defraud the individual. Also Read – RBI imposes a fine of Rs 25 lakh on Axis Bank, know the reason…

The central bank said in a statement that general account holders are hereby cautioned not to share account login details, personal information, copies of KYC documents, card details, PIN, password, OTP etc. with unknown persons or agencies. Don’t. Further, such details should not be shared through unverified/unauthorized websites or applications.

If people receive any such request, they should contact their bank.

RBI also clarified that while Regulated Entities (REs) require periodic updation of KYC, the process of periodic updation of KYC has been simplified to a great extent through the circular dated May 10, 2021.

Further, RE has been informed vide circular dated 5th May, 2021 that in respect of customer accounts where periodic updation of KYC is due and pending as on date, no restriction on operation of such account up to 31st December, 2021 will not be imposed.

(With IANS Inputs)


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