The Reserve Bank of India (RBI) has issued new guidelines requiring banks to implement specific phone number series for their customer communications, introducing measures to enhance security and prevent financial fraud in digital transactions. The initiative builds upon India’s broader push toward strengthened digital authentication systems across its financial sector.
Under the new directives, banks must exclusively use the ‘1600xx’ phone numbering series for transactional purposes, including account updates, transaction alerts, and One-Time Password (OTP) communications. For promotional voice calls, banks and other regulated entities (REs) are required to use the ‘140xx’ numbering series. The standardization follows several high-profile fraud cases, including a recent OTP banking fraud scheme in Indore that highlighted vulnerabilities in existing communication systems.
The guidelines include comprehensive database monitoring requirements, with banks directed to use the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT) and the Ministry of Communications. The integration with the DIP platform strengthens recent mandates requiring Aadhaar-based biometric verification for new SIM cards, creating a more robust fraud prevention framework.
As part of the new framework, REs must develop Standard Operating Procedures (SOPs) that incorporate necessary actions for fraud risk monitoring and prevention. The procedures will include protocols for updating registered mobile numbers (RMN) after verification and strengthened monitoring of accounts associated with revoked mobile numbers. The measures support the RBI’s recent expansion of digital payment security measures, including the mandatory account name verification for RTGS and NEFT transfers.
The RBI has set a compliance deadline of March 31, 2025, for all regulated entities to implement these new requirements. The measures are part of the central bank’s broader initiative to address the increasing incidents of financial fraud in digital transactions, complementing India’s recent launch of a searchable cyber scammer database.
RBI Governor Shaktikanta Das has identified the prevention of financial frauds, including the use of money mule accounts, as a key priority. The accounts are often established using the credentials of individuals who may be unaware of or coerced into participating in fraudulent schemes.
Sources: Moneycontrol, Business Standard, Devdiscourse
Follow Us