Bank Update: Do not do this transaction in your account even by mistake, you will not be able to withdraw your money..

Reserve Bank Of India: In today's time, the trend of digital payment has increased a lot. Due to this, it becomes very important to open a bank account. Some rules have also been made regarding bank accounts. In this situation, bank account holders may have to face big difficulties. This small mistake of the customers can cost them a lot and they may have to face difficulties. Let's know the complete details about this in detail.

This is what the banks believe-

Many rules have been made regarding cases of illegal transactions in banks across the country. Banks believe that it is very important to do so to take quick action without wasting valuable time in getting permission from the officials. Fake accounts can be used to illegally manipulate money (cyber fraud) through fraudulent banking systems.

PMLA gave information-

To prevent cyber fraud through fake accounts, banks (seize accounts) have sought rights to seize accounts involved in illegal transactions. They believe that it is very important to do so to take quick action without wasting precious time in getting permission from the authorities.

The bank (Latest bank update) seizes accounts based on internal reasons. However, according to the Prevention of Money Laundering Act (PMLA), they do not have the right to seize customer accounts without approval from the court or law enforcement agencies (LEA Update).

Decision taken due to this reason-

A working group of the Indian Banks Association has stated in its report that given this, we can suggest to the RBI (RBI Latest update) that it can be considered further. Fake accounts can be used to illegally misappropriate funds through the fraudulent banking system.

Thousands of accounts are seized every year-

Thousands of accounts are seized by the bank every year. However, fraudsters take advantage of loopholes in the system and quickly create new accounts (Bank account update). Banks have proposed to use Election Commission data to verify individuals opening accounts using voter ID and Form 60 in the absence of a Permanent Account Number or PAN and to limit the number of transactions (Transaction Limit Per Day) on such accounts.

Suggestions given in the report-

The report suggests that artificial intelligence (AI update) and machine learning (ML) can be linked to transaction monitoring systems. The working group believes that the financial sector can be made more secure by investing in technology, staff training, and collaboration among stakeholders.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.