RBI: Reserve Bank warns customers, even if they do this by mistake, they will be in great trouble, know the details
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reserve Bank of India (rbi) on Friday cautioned the public against fraud in the name of KYC updation and advised not to share documents with unknown entities. ‘know your Customer’ (KYC) In view of the frequent incidents and reports of customers becoming victims of fraud in the name of updation, RBI urged the public to exercise caution and due care to prevent losses and keep themselves safe from such malicious practices.
Do not share PIN-password
The Central Bank has already warned the public about this type of fraud. RBI said that do not share KYC documents or their copies with unknown or non-verified persons or organizations. The bank said that do not share account login credentials, card information, PIN, password, OTP with anyone. The central bank said that for this type of fraud, usually unsolicited communications including phone calls, SMS, emails are sent to the customers and through these, attempts are made to collect personal information from the customers or get them to download suspicious apps.
Fine imposed on Bajaj Housing Finance
The Reserve Bank has imposed a fine of Rs 5 lakh on Bajaj Housing Finance for non-compliance with certain regulatory provisions. The Reserve Bank of India said that this penalty has been imposed for violation of certain provisions of the Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Guidelines, 2021. According to the statement, a statutory inspection of the company was conducted by the National Housing Bank with regard to its financial position as on March 31, 2022.
Customers will not be affected
RBI said that the Pune company did not take prior written permission from RBI for the change in management. Under this change, more than 30 percent of directors changed except independent directors. However, the central bank said the penalty is based on deficiencies in regulatory compliance and is not intended to affect the validity of any transaction or agreement entered into by the company with its customers.
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