CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India on Monday said it’s working on a new “fraud registry “ - a reporting mechanism under which data shared by banks with RBI on fraudsters will enable the regulator to blacklist such callers.

Detailed explanation-2: -To help it keep repeat offenders out of the banking system, the Reserve Bank of India (RBI) is developing a Fraud Registry blacklist.

Detailed explanation-3: -The Reserve Bank of India (RBI) on August 29 announced that it is considering setting up a database of websites, phone numbers and various other instruments used for digital fraud. However, it has not been clarified by when the registry will be launched. 1 What is the purpose of the fraud registry?

Detailed explanation-4: -Central Fraud Registry (CFR) A Central Fraud Registry (CFR) based on the Fraud Monitoring Returns, filed by the banks and the select FIs, including the updates thereof, has been made available, for which banks have been given access through user-ids and password. CFR is a web-based and searchable database.

Detailed explanation-5: -The blacklisted banks include Punjab National Bank, ICICI Bank, Andhra Bank, Bank of Maharashtra, Punjab and Sindh bank, Vijaya bank, Federal bank, Jammu Kashmir Bank, South Indian bank, ING Vysa Bank, Kotak Mahindra Bank, Bombay Mercantile Cooperative bank and Tapeshwar Urban Cooperative Bank.