Banking Fraud: RBI to set up Fraud Registry to prevent banking frauds, will increase security of customers

Posted on 30th Aug 2022 by rohit kumar

RBI is contemplating setting up a 'Fraud Registry' (Fraud Registry) to prevent banking fraud and strengthen customer protection measures. With the help of this, a database of fraudulent websites, phone numbers, and various methods will be created.

 

RBI Executive Director Anil Kumar Sharma said on Monday that fraudsters will not be able to cheat again from this databank as these websites or phone numbers will be blocked. He said that at this time we are talking to all the stakeholders including various departments of RBI like Payment, Settlement, and Supervision. The participants of the payment system will be given direct access to this database. However, there is no fixed time limit for setting up of 'Fraud Registry'.

 

The customers of the original investment company are now under the purview of the Ombudsman

 

Sharma said the clients of the original investment company will be covered under the Central Bank-Integrated Ombudsman Scheme (RB-IOS), 2021. Sharing the complaints registered under the Lokpal scheme, he said, 4.18 lakh complaints were received during 2021-22. With this, a total of 3.82 lakh complaints were received during the last financial year. He said that in the complaints of the last financial year, 97.9 percent of cases have been resolved.

 

The public sector contributes only 20 percent to the national income

 

The public sector of the country contributes only 20 percent to the national income, but this sector contributes 40 percent to the total salary. Domestic rating agency India Ratings and Research said, during the decade ending 2020-21, the average share of the public sector in gross value addition stood at 19.2%, but the share in salaries was 39.2 percent. Wages at current prices grew at a compound annual growth rate of 10.4 percent in 2012-21.

 

NDTV seeks clarification on the conversion of the warrant into equity

 

Amid the ban on NDTV founders Prannoy and Radhika Roy, NDTV's promoter arm RRPR Holding Ltd. has demanded SEBI clarify things in the Vishwapradhan Commercial Private (VCPL) case. It asked to be clarified whether the restriction on the conversion of warrants issued to VCPL into equity shares under the earlier order of the regulator remained. The ban on founders ends on November 26, 2022.

 

Also Read: SBI Research: Golden opportunity for India to fix issues on G20 presidency agriculture subsidies

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