RBI Instructs Banks to Adopt ‘1600xx’ Number Series for Transactional Calls

In a bid to curb financial fraud, the RBI has required banks to utilize the '1600xx' number series for transactional calls and '140xx' for promotional calls. This initiative is designed to differentiate transaction-related communications from other messages, thereby improving security.

To address the rise in financial fraud, the Reserve Bank of India (RBI) has mandated that banks and other regulated entities (REs) exclusively use the ‘1600xx’ number series for transactional calls and the ‘140xx’ series for promotional calls. This initiative is designed to strengthen the security of digital transactions and protect customers from fraudulent activities.

Key Directives from the RBI:

Designated Number Series: Banks must adopt the ‘1600xx’ series for transactional communications and the ‘140xx’ series for promotional messages. This differentiation is aimed at minimizing the risk of fraud.
Customer Database Monitoring: Financial institutions must regularly update their customer databases, using the Mobile Number Revocation List (MNRL) on the Digital Intelligence Platform (DIP) by the Department of Telecommunications (DoT) to identify and eliminate invalid or revoked numbers.
Standard Operating Procedures (SOPs): Banks should develop procedures for verifying and updating registered mobile numbers and enhance monitoring of accounts linked to revoked numbers to prevent misuse.

Compliance Deadline: All regulated entities must adhere to these guidelines by March 31, 2025, emphasizing the urgency of implementing these measures to safeguard customers against financial fraud.

Contextual Background: The rise of digital transactions has led to an increase in financial fraud, with scammers targeting mobile numbers for unauthorized activities. Through these measures, the RBI aims to strengthen the security infrastructure of digital financial services and protect consumers from evolving threats.

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