The account holders of State Bank of India, HDFC Bank, Punjab National Bank, Axis Bank, Bank of Baroda, HDFC Bank and likely to face problems related to online banking.
The operations of banks amid Holi Holidays and year closing are disrupted and this new problem is likely to create further problems. Banks will be closed for 7 days from March 27 to April 4.
In a bid to reduce the menace of unwanted and fraudulent SMSes, the Telecom Regulatory Authority of India (TRAI) is planning to curb commercial messages, asking companies to register the SMS in a format with TRAI to reach customers. The aim of this initiative is to send the right message to the customers and protect them from being a victim of any fraud. However, reportedly, many companies are yet to follow the order of TRAI seriously, due to which their customers are likely to face OTP-related problems.
Also Read: ICICI Bank unveils instant EMI facility on its internet banking platform
TRAI has announced a list of 40 such defaulting companies. The list includes the names of several big lenders like HDFC Bank, SBI and ICICI Bank, Axis Bank. All these companies (principal entities) are not following the regulatory rules of bulk commercial SMS even after TRAI’s repeated warnings.
TRAI has issued a warning to all these defaulting companies and the banks and directed them to follow the order by April 1, 2021, if they don’t want their customers to face problems regarding getting OTP.
Also Read: Banks cannot charge compound, penal interest from borrowers on Loan Moratorium: SC
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
