look news india
Indian banks are facing increasing online crimes. The Reserve Bank is considering changing its guidelines to help banks curb cyber crime by temporarily freezing suspect bank accounts. Internal data of the government has shown that in the year 2021, people have caused a loss of Rs 1.26 billion to the financial institutions of the country by committing financial fraud. It has also come to light that around 4000 suspicious bank accounts are opened every day in the country. Concerned about government data, the Reserve Bank is now considering amending the guidelines.
According to sources, the Reserve Bank of India may allow Indian banks to freeze suspect bank accounts to tackle cyber fraud. By doing this the victim will be exempted from the process of filing a complaint before taking any action. On seeking clarification from the Finance Ministry, Home Ministry and Reserve Bank of India regarding this information received from the sources, no immediate response could be received. As per the current guidelines, banks can freeze such bank accounts only after the crime is registered by the police. Sometimes this process takes the whole day. The bank's hands remain tied. Whereas criminals can empty their account within minutes.
