RBI Governor ZEE BIZ EXCLUSIVE INTERVIEW: Reserve Bank of India (RBI) is creating awareness on cyber frauds in a big way through television, radio, print media and voluntary organizations or consumer associations as one of the measures to deal with growing digital frauds in the country, Governor Shaktikanta Das told Zee Business Managing Editor Anil Singhvi in an exclusive interview.

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He said that banking frauds are happening in many different ways like links being sent on mobile phones for completing KYC. The fraudsters have been adopting different types of intelligent ways to dupe people, he added.  

The banks have also been sending alerts to their customers to not share their confidential details as they don’t ask for it, Das said. The recipient of such messages or links must first reach out to the banks and lodge a complaint with the bank, the Governor said.

If the resolution is not given to the victim, he or she may approach the RBI ombudsman, he said. It is incumbent upon the banks and financial institutions to provide resolution to their customers, failing which the customer can approach the RBI, he said.

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The Market Guru also complimented the Governor on Central Bank’s action on lending apps after a couple of sting operations were done by the channel. The RBI has also formed guidelines with respect to the lending apps.

Zee Business did #OperationHaftaVasooli after learning that these the lenders were harassing people. The channel also highlighted the Chinese connection with many such apps, Singhvi said.

Singhvi sought RBI Governor’s view on the current situation what the regulator was doing to further curb the malpractice.

Das said that RBI had issues guidelines on the digital lending apps and he was happy to say that the lending platforms were “by and large” happy with the guidelines.

The new policy based on three underlying themes, the Governor informed – first is that it is consumer centric. It is consumer centric because the customers now know the annulised interest on the loans account all costs, Das said. The second is that it is based on risk assessment, mitigation and minimisation in digital lending. The RBI has made it mandatory for only those companies to lend who are regulated. The third is transparency which will ensure that the customers will know who is lending.

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He said that he believed that the policy will be very effective, going forward. He also emphasized that the customer awareness is paramount.