PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.


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Date : Jun 22, 2020
Reserve Bank sensitises members of public on safe use of digital transactions

Safety and security of digital transactions are of paramount importance to their users. The Reserve Bank has put in place many mechanisms to ensure the same by continuously and actively undertaking digital awareness campaigns in the print and Audio-Visual media, including through the Bank’s flagship programme “RBI Kehta Hai”.

In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of KYC requirements, impersonating identities and websites of banks and payment system operators, etc.

To promote safe digital transactions among the general public it is reiterated that users should take care by (i) not sharing with anyone their ATM / Card (Debit / Credit / Prepaid) details; (ii) not sharing their Password, PIN, OTP, CVV, UPI-PIN, etc.; (iii) avoid undertaking banking or other financial transactions through public, open or free wifi-networks; and (iv) not storing important banking data on the mobile, e-mail, electronic wallet or purse. Consumers may remember that banks and other payment systems operators never ask for details such as password, PIN, OTP, CVV number.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2534


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