RBI may establish fraud registry to check bank frauds

Corporate Laws

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  Aug 30, 2022

The Reserve Bank of India is looking forward to establishing a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety.

According to RBI executive director Anil Kumar Sharma, such a database will assist to stop these fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.
"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," Sharma revealed.

Users in the payment system will have access to this registry for almost real-time fraud monitoring. To inform clients about new hazards, the aggregated fraud data will be made public.

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