For those clients who have opened bank accounts, there is crucial news. If you too intend to create a bank account in the near future, the government may change the requirements significantly soon. The government is currently intending to introduce a new law, under which strictness will be practiced in the rules for creating bank accounts and issuing new SIM cards, in order to halt the rapidly expanding online fraud throughout the country.
Online fraud is being combated through various means.
Online fraud has significantly increased recently all around the nation. The government might soon introduce a new regulation to stop bank account fraud. Complete information on the individual obtaining a mobile SIM and opening a bank account would be made available under the new regulation. Additionally, no one else will be able to use anyone else’s information.
Bank EKYC will be required.
In the future, it might become necessary for telecom carriers and banks to physically verify consumers, according to the information from the media article. Currently, whenever a person applies to open a bank account or obtain a SIM card, their application is confirmed by retrieving information from Aadhaar using online e-KYC.
SIM cards are widely accessible.
Let us inform you that bank fraud instances have been rising rapidly for some time, and the primary cause of this is the ease with which people may obtain SIM cards and switch plans by obtaining a new phone number. Let’s run, then turn off that simulation. Over Rs 41,000 crore is at stake in bank fraud cases, according to a Reserve Bank of India (RBI) assessment.
There will be new Bank regulations.
The procedure for obtaining a new SIM card and creating an account is currently being changed by the government. It is being thought about tightening the KYC requirements for this. According to information from sources, the government may soon request that banks and telecom carriers apply new regulations. In addition, the Ministry of Home Affairs and the Ministry of Finance and Telecom met to discuss this matter. In the meeting, the road map for this choice has also been covered.
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