Fraudulent transaction alert for bank account holders! Here is RBI’s message you – What users must know

By: | Updated: June 20, 2018 5:08 PM

The Reserve Bank of India (RBI) recently sent out an SMS to people with regard to a 'fraudulent transaction in the bank account'.

The Reserve Bank of India (RBI) recently sent out an SMS to people with regard to a ‘fraudulent transaction in the bank account’. (PTI)

The Reserve Bank of India (RBI) recently sent out an SMS to people with regard to a ‘fraudulent transaction in the bank account’. RBI in its message said that people need to inform their bank immediately when they face an illegal transaction from their bank account. The apex monetary institution also advised people to call on ‘14440’ for more details on the subject. The RBI message read, “Fraudulent transaction in your bank account? Limit your loss. Notify your bank immediately. For more details, give a missed call on 14440.”

The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian currency. The preamble of RBI describes its basic functions as “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”

Earlier this month, HDFC Bank said that RBI is likely to go for more rate hikes like the one today on risks from factors like the minimum support prices for farm produce and firm global commodity prices. “This is not likely to be end of the hike cycle as domestic price risks such as MSP hikes and firm global commodity prices would warrant further monetary action,” the bank said in a post on microblogging site Twitter. It termed the unanimous rate hike by the six-member monetary policy committee (MPC) as “sensible and cautious” given the events of the last two weeks. The bank, however, said that the boost in liquidity through changes in liquidity coverage ratio will be offsetting the repo rate hike.

In the first such action in more than four years, the MPC resolved to hike the repo rate by 0.25 per cent to 6.25 per cent, citing risks to inflation, for which the RBI estimate was upped by up to 0.30 per cent during the fiscal. Governor Urjit Patel later explained that the growth momentum is also picking up in the economy and the MPC decided to focus on its core objective of inflation targeting.

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