To stop Bank Frauds, RBI to setup a Fraud Registry

Mumbai: To prevent banking frauds and strengthen customer protection measures, RBI is considering setting up a ‘fraud registry’. With the help of this, a database of fake websites, phone numbers, various methods will be created. RBI Executive Director Anil Kumar Sharma said  that fraudsters will not be able to cheat  again 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-frame for setting up a ‘fraud registry’. Customers of original investment companies will be covered under the Central Bank-Integrated Ombudsman Scheme (RB-IOS), 2021, Sharma said. Sharing the complaints registered under the Lokpal scheme, he said that during 2021-22, 4.18 lakh complaints were received. During the last financial year, it received a total of 3.82 lakh complaints. He said that 97.9 percent complaints have been resolved in the last financial year.

The country’s public sector contributes only 20 per cent to the national income, but this sector contributes 40 per cent of the total wages. Local rating agency India Ratings and Research said that during the decade ending 2020-21, the average share of the public sector in gross value addition was 19.2%, but the share in wages was 39.2%.

Wages at current prices grew at a compound annual growth rate of 10.4 per cent in 2012-21. RRPR Holding Limited has been banned. SEBI has sought clarification in the Vishwapradhan Commercial Private Limited (VCPL) case. It sought clarification whether conversion of warrants issued to VCPL into equity shares is prohibited under the earlier order of the regulator. The ban on founders ends on November 26, 2022.

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