Friday, 24 March, 2023

RBI Warns Banks Against Frauds In Account Linked To Direct Benefit Transfer

<p>Banks have been warned by the Reserve Bank of India against rising incidences of fraud in accounts related to the government&#39;s direct benefit transfer program and instructed to increase their vigilance and implement more rigorous inspections. In a recent meeting with bankers, the financial regulator raised the problem. According to a senior executive, the regulator wants lenders to be more proactive and keep an eye out for unexpected withdrawals or transactions.</p>