RBI is planning to set up a 'fraud' registry

The Reserve Bank of India (RBI) is considering setting up a fraud registry with a database of fraudulent websites, phones and various modus operandi for digital fraud. The mechanism is aimed at preventing fraudsters from using banking infrastructure.

The RBI is talking to different stakeholders and enforcement agencies to implement it. "We are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," said its executive director Anil Kumar Sharma, adding that such a database will help these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted.

He said in many cases, users open accounts in another bank after committing fraud in one bank.


While there is no definite timeline for setting up of the fraud registry, payment system participants will also be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.

Sharma also said that the customers of the Core Investment Company would come under the Reserve Bank-Integrated Ombudsman Scheme, 2021. Prime Minister Narendra Modi launched 'One Nation One Ombudsman' with effect from September 1 last year.

Under the Ombudsman Scheme, about 418,000 complaints were received during 2021-22, out of which 97.9% cases were cleared.

Currently issues relating to ATM/debit cards, mobile & electronic banking, and credit cards formed the single largest block of complaints at 39%, while issues relating to loans and advances by banks formed the second largest chunk at 28%.

Sharma said the majority of grievances are resolved at entity level in banks only.