NEW DELHI: Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone, or get penalized.
Taking forward its efforts to tackle identity frauds in non-branch banking transactions, the Reserve Bank has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR (interactive voice response) transactions.
IVR transactions are done over phone, wherein customers dial bank's customer care number and are prompted by a recorded voice to dial designated digits for different kinds of transactions such as balance enquiry, bill payment etc.
The customers would now need to key-in an additional password on their phone, besides prevalent details like card number, date of birth, card issue or expiry date and in some cases a telephonic password. As RBI has also noted, there has been a stupendous rise in banking transactions through channels other than traditional branch banking.
Source : Times Of India
Monday, April 26, 2010
Saturday, April 24, 2010
IMP UPDATE : RBI Guidelines - Prohibiting alterations / corrections on cheques
Dear All,
Please go through the attached Notice/ Circular post the communication from RBI for Banks on Guidelines to follow in case of alterations on cheques. This will get implemented from July 01, 2010.
As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010
Prohibiting alterations / corrections on cheques :
No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.
In view of the above guidelines, with effect from July 01, 2010 no alterations in cheque will be allowed (even if signature is made at the place of alteration on cheque). These kinds of altered cheques will not be honored by Bank.
Source : Reserve Bank Of India
Please go through the attached Notice/ Circular post the communication from RBI for Banks on Guidelines to follow in case of alterations on cheques. This will get implemented from July 01, 2010.
As per RBI Circular - DPSS.CO.CHD.No. 1832/01.07.05/2009-10 dated 22nd February 2010
Prohibiting alterations / corrections on cheques :
No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.
In view of the above guidelines, with effect from July 01, 2010 no alterations in cheque will be allowed (even if signature is made at the place of alteration on cheque). These kinds of altered cheques will not be honored by Bank.
Source : Reserve Bank Of India
Friday, April 23, 2010
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