look news india
RBI: In view of increasing cyber crime, the Central Reserve Bank is in action mode. Actually, the Reserve Bank is planning to amend the related guidelines so that the banks can get some additional rights. Under this, banks will be allowed to temporarily freeze those accounts which are suspected to be used in committing cyber crimes.
What is the plan?
In a report by news agency Reuters, two government sources said that the RBI may soon allow banks to suspend suspicious accounts. Currently, banks freeze suspect accounts only after a cyber crime report is lodged with the police. The new step of the Reserve Bank will free the victims from the need to first lodge a complaint with the police.
Banking regulator RBI will amend its guidelines for banks based on inputs from the home ministry's anti-cyber fraud agency, sources said. Reuters has sought answers from the Finance Ministry, Home Ministry and RBI on this matter. However, the answer has not been given yet.
About 4,000 fraudulent accounts per day
Internal government data shows that cyber fraud will eat up an estimated $1.26 billion from financial institutions by 2021. According to the information, about 4,000 fraud accounts are opened every day. At the same time, thousands of people are being defrauded every day through telephone calls. Many of them have been defrauded from their bank accounts and wallets. After fraud, money is deposited in suspicious accounts. The government has suspended 2,50,000 accounts used to withdraw money in the last three months, data from the agency shows.