The Reserve Bank of India (RBI) has introduced strict guidelines to address rising incidents of financial fraud through fake calls and SMS in the name of banks and financial institutions. The new measures, aimed at increasing transparency and security, require banks and other entities to adopt specific practices by March 31, 2025. Banks are now only permitted to use phone numbers that start with 1600 for all transaction-related calls and also, designated a phone number series starting with 140 specifically for marketing calls and SMS notifications to customers.
Key Highlights
Use of Verified Number Series:
- Transactional Messages: Must come from numbers beginning with the 1600xx series.
- Promotional Calls: Must use the 140xx series.
This distinction will allow customers to verify whether a call or message is legitimate.
Mandatory Registration of Customer Care Numbers:
- Banks, NBFCs, stockbrokers, and other financial entities must register their customer care numbers on the Sanchar Saathi Portal of the Department of Telecommunications (DoT).
- This ensures customers can identify genuine service numbers and avoid fraudulent communication.
Monitoring of Mobile Numbers:
- Banks and payment aggregators are required to utilize the Mobile Number Revocation List (MNRL) to block access to inactive or illegal mobile numbers.
- Accounts linked to these numbers will also be monitored to prevent misuse.
Distributed Ledger Technology (DLT):
- All entities must register on the TRAI DLT platform to regulate commercial communication.
- Pre-approved templates for SMS and calls will be used, and businesses must obtain explicit digital consent from customers for promotional messages.
Customer Awareness Campaigns:
- Entities are instructed to inform customers about these changes via email, SMS, and regional language communication, helping them differentiate between legitimate and fake communications.
Mandatory Disclosure of Security Breaches:
- Any breach of security must be reported promptly to ensure transparency and enhance customer trust.
Source: RBI
