Thursday, July 10, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

rbi: RBI cautions banks against frauds in a/cs linked to direct benefit transfer

by Euro Times
November 30, 2022
in Finance
Reading Time: 2 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter


The Reserve Bank of India (RBI) has cautioned banks against increasing instances of fraud in accounts linked to the government’s direct benefit transfer (DBT) and asked them to step up their vigilance and build in more stringent checks. The issue was flagged by the banking regulator in a recent meeting with bankers.

The regulator wants lenders to be more proactive and keep a check on unusual withdrawals or transactions, said a senior executive aware of the development.

An email sent to the RBI did not elicit a response.

“It was also pointed out that there have been instances of mass withdrawals from some of these accounts, which indicates that the accounts were operated by a single person or entity,” said the executive, who did not wish to be identified.
Another banker said there have been reports that some beneficiaries under various government schemes take instant loans from local moneylenders and, in turn, hand over their account details, including passbooks and ATM cards, as guarantees.

“Those moneylenders then withdraw money when the beneficiaries’ accounts are debited,” the bank said on condition of anonymity, adding that mass withdrawals happen because of pooling of such accounts. “We have been advised to keep a check if someone tries to make withdrawals using the passbooks of such customers. It will, however, be difficult to rein in ATM withdrawals.”

The lenders will also focus on educating the customers and try to bring them within the fold of formal banking, including loan products, said the banker.

A government official said there are enough checks and balances to weed out any fraudulent activities through DBT accounts. “There could have been some isolated localised instances brought to the RBI’s attention, which they are proactively working out with banks,” he said, pointing out that in October, more than 1.75 billion authentication transactions were carried out via Aadhaar and that 1,100 welfare schemes in the country run by both the Centre and states have been notified to use Aadhaar.



Source link

Tags: acsBanksbenefitcautionsdirectfraudsLinkedRBITransfer
Previous Post

Scion Asset Management | Michael Burry’s 6 Stock Portfolio Analyzed

Next Post

BREAKING: House Passes Rail Strike Resolution

Related Posts

Genius Act: This New US Crypto Law Could Pave the Way for the Next Global Financial Crisis

Genius Act: This New US Crypto Law Could Pave the Way for the Next Global Financial Crisis

by Yves Smith
July 10, 2025
0

Yves right here. I want I had reposted among the content material from an incredible 2022 put up at Heisenberg...

Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

Reagan’s Trade Gamble: The Story Behind the Voluntary Export Restraints

by David Hebert, Marcus M. Witcher
July 10, 2025
0

Ronald Reagan deserves a lot reward for his stalwart dedication to free commerce and decreasing commerce obstacles. Even his most...

Cattle Extending Push to Contract Highs on Wednesday

Cattle Extending Push to Contract Highs on Wednesday

by Barchart
July 9, 2025
0

Reside cattle futures are 22 cents to $1 larger on Wednesday. Money commerce noticed very mild $225 Southern motion reported...

Kotak Mahindra Bank aims asset growth at up to 2x India’s nominal GDP: CEO Ashok Vaswani

Kotak Mahindra Bank aims asset growth at up to 2x India’s nominal GDP: CEO Ashok Vaswani

by Saloni Shukla
July 9, 2025
0

Kotak Mahindra Financial institution goals to develop its belongings at 1.5 to 2 instances India’s nominal GDP, Managing Director and...

Boost for first-time buyers as ‘mortgage lending reins loosened’

Boost for first-time buyers as ‘mortgage lending reins loosened’

by Vicky Shaw
July 9, 2025
0

Signal as much as our free cash publication for funding evaluation and skilled recommendation that will help you construct wealthSignal...

FXPrimus Launches Synthetic Indices – Setting a New Standard for High-Intensity, High-Risk Trading

FXPrimus Launches Synthetic Indices – Setting a New Standard for High-Intensity, High-Risk Trading

by FinanceWire
July 9, 2025
0

Limassol, Cyprus, July ninth, 2025, FinanceWire FXPrimus, a number one world brokerage, proudly declares the launch of Artificial Indices; devices...

Next Post
BREAKING: House Passes Rail Strike Resolution

BREAKING: House Passes Rail Strike Resolution

US Pending Home Sales Fall -36.7% YoY In October, MBA Purchase Applications Fall -31.22% YoY As Fed Tightens – Investment Watch

US Pending Home Sales Fall -36.7% YoY In October, MBA Purchase Applications Fall -31.22% YoY As Fed Tightens – Investment Watch

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Pentagon to become largest shareholder in rare earth magnet maker MP Materials

Pentagon to become largest shareholder in rare earth magnet maker MP Materials

July 10, 2025
Saratoga Investment Q1: ROE Beating The BDC Industry Average (NYSE:SAR)

Saratoga Investment Q1: ROE Beating The BDC Industry Average (NYSE:SAR)

July 10, 2025
The Emptiness of AI Ethics

The Emptiness of AI Ethics

July 10, 2025
Sony Xperia 1 VII units in more regions are dying, but there’s a temporary solution

Sony Xperia 1 VII units in more regions are dying, but there’s a temporary solution

July 10, 2025
EU will soon collapse without Russian resources – MEP — RT World News

EU will soon collapse without Russian resources – MEP — RT World News

July 10, 2025
Breakout Above ,800 Could Ignite Altseason

Breakout Above $2,800 Could Ignite Altseason

July 10, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Pentagon to become largest shareholder in rare earth magnet maker MP Materials

Saratoga Investment Q1: ROE Beating The BDC Industry Average (NYSE:SAR)

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In