RBI cautions on 'All Bank Balance Enquiry' App
Moneylife Digital Team 29 September 2016
The Reserve Bank of India (RBI) has cautioned banking customers to be aware about the "All Bank Balance Enquiry No" that is still being circulated on social media, especially on WhatsApp.
 
In a release, the central bank says, "It has come to the notice of the Reserve Bank that an app (application) is doing rounds on WhatsApp purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed several banks with either a mobile number or call centre number."
 
The Reserve Bank wishes to clarify that it has not developed any such application. Members of public are, therefore, advised to use the application, if at all, at their own risk.
Comments
Vivek Silla
7 years ago
It is nice of RBI to clarify on this subject. But then, its responsibility does not end just there. RBI at the bare minimum should take the following actions on an immediate basis:

1. Make sure that the Application(s) are removed from the concerned App Stores/ Play Store at the earliest.
2. Investigate to identify individuals who have published this application and take appropriate punitive action against them.
3. Establish regular monitoring process to identify such instances of fake applications and brand misuse and and take corrective actions as soon as possible. Brand Protection Services available from various security service providers could help in this regard.
4. Advise all banks to evaluate feasibility of identifying customers who have accessed their bank accounts using this application, lock the accounts for these customers and advise the customers to change their login credentials at the earliest. In addition, the banks should take this opportunity to advise the customers on security best Dos and Donts for a secure banking experience.
5. Advise all banks to enhance monitoring for any fraudulent transactions originating due to customer credential exposure and stop these transactions at the earliest.
SRINIVAS SHENOY
7 years ago
What do you think?... Write your comments. The RBI should ensure that it's logo is not misused. It cannot just wash it's hands off, when it's emblem is misused, as it does when the funds are being misused, in the cooperative banking sector.
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