Rising Bank Frauds: Will Banks Send Alerts On Data Access? Govt Responds

Responding to concerns over rising banking frauds, Nirmala Sitharaman addressed a query on whether customers will receive alerts for every instance of data access. She highlighted that banks already operate under a robust regulatory framework, including RBI’s KYC norms, data privacy rules, and multiple legislations governing customer information security. These frameworks mandate strict confidentiality and controlled data sharing. While no specific system for real-time SMS or email alerts on each data access was announced, the government emphasised that digital fraud risks are being closely monitored. The Finance Minister assured that existing safeguards are strong, while also acknowledging the need to remain vigilant as digital banking expands.Nirmala Sitharaman, Banking Fraud, Indian Banks #Rising #Bank #Frauds #Banks #Send #Alerts #Data #Access #Govt #Responds1774860355