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Allow mobile number registration at ATM, say RBI
Posted on: 31/Aug/2016 4:05:48 PM
Mobile phones have eventually turned into an indispensable part of banking. Taking this under consideration, the RBI has thus made it compulsory that the banks should permit customers to get their mobile number registered with the bank through ATM centres. It is also stated that the banks should not compel their customers to visit the home branch of the bank for registering mobile number and have it available across branches. Furthermore, banks are instructed to also allow mobile registration via internet banking.
It has become inevitable to register mobile numbers as customers receive free SMS alerts for each one of the transaction they make. Curbing fraudulence is also possible with mobile number registration. It is to these mobile numbers that the One Time Password or OTP is sent to at times of transactions when there is no credit card. Authenticating online remittance is also done using OTP.
Credit card companies state that there is substantial reduction in fraudulence after the introduction of SMS alerts and OTP. There is a service called Missed Call Banking for which customers will have to register their mobile number too. And the same is applicable with mobile banking as well. Mobile number registration has become a prerequisite for mobile banking applications.
Customers are now mandated to get registered for electronic banking transactions, according to RBI’s latest rules imposed early this month. The banks are also bound to have a 24 x 7 access for the customers to report fraudulent transactions.
Until now, the banks had wanted the customers to visit their home branch to register their mobile number. This is very hectic for customers who have their home branch account retained even after migrating to other cities.
This new facility to get the mobile number registered at ATM will be seen under main menu or other services.
