Account holders of these 40 banks may face problem in online transactions

SBI, HDFC, ICICI are among those 40 banks whose OTP system may not work properly from April 1, 2021.

On Saturday, March 27, Telecom Regulatory Authority of India (TRAI) had released the list of 40 defaulting companies, which includes many big banks like HDFC Bank, State Bank of India (SBI), Punjab National Bank, Axis Bank, ICICI Bank and Bank of Baroda. These banks are alleged for not following the guidelines of SMS set by TRAI.

Seeing that banks are not taking the guidelines much seriously, TRAI has now gave strict warning to these banks for implementing guidelines strictly by April 1, 2021, otherwise, their customers may face problems in receiving OTP while doing online transactions.

If the customers of these banks do any online transaction, then they will not get OTP, because in the SMS scrubbing process, these banks will be rejected by the message system.

In order to protect the customers from any sort of fraud or scam, TRAI has initiated a process to curb commercial messages, asking companies to register the SMS in a format with TRAI to reach customers. TRAI’s rule of commercial message is based on blockchain technology, which will prevent unwanted and fraudulent messages.

TRAI has said that a lot of opportunities have been given to Principal Entities / Telemarketers, customers can no longer be kept away from the benefits they get. Therefore, it has been decided that now from 1 April 2021, if any message fails in ‘Scrubbing Process’ due to not meeting the regulatory requirements, then they will be rejected from the system, as quoted by DNA.

On the other side, Banks will be closed for 7 days from March 27 to April 4. In such a situation, online banking is the only option left for the customers. And if the customers face problem in online system too, then its a worrying news for them.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More