To fight scams, RBI is likely to let banks suspend accounts, freeing victims from first having to file police complaints, said two government sources and a third aware of the central bank's thinking. — Reuters
NEW DELHI: India’s central bank plans to soon change guidelines to permit banks to temporarily freeze accounts suspected of being used to commit cyber crimes, as it battles a rising wave of online crime, three sources told Reuters.
The plans come as internal government data shows individuals have lost funds of nearly US$1.26bil in financial institutions to cyber fraud since 2021, with one of the sources saying about 4,000 fraudulent accounts are opened every day.
