New '160' Number Series: A Game Changer in Combating Online Banking Frauds!

?? The Indian government is taking a significant step to safeguard us against the rising menace of spam call frauds. Introducing the new '160' number series for transactional and service voice calls! ??

Under this initiative, all calls from financial entities such as banks, investment firms, and insurance companies will now start with the prefix '160'. This simple yet effective measure aims to help citizens easily identify legitimate calls and avoid falling prey to scammers. ????

?? Collaborative Effort for Financial Safety ??

This initiative is a joint effort by the Telecom Regulatory Authority of India (TRAI) and several financial regulatory bodies including:

• Reserve Bank of India (RBI)
• Securities and Exchange Board of India (SEBI)
• Insurance Regulatory and Development Authority of India (IRDAI)
• All telecom service providers (TSPs) are also on board, ensuring widespread implementation and compliance.

?? Phased Implementation with Wider Coverage Planned ??

In the initial phase, the '160' series will be allocated to entities regulated by RBI, SEBI, IRDAI, and the Pension Fund Regulatory and Development Authority (PFRDA). The plan is to gradually expand this system to include:

• All government, private, and global banks
• Members of the Association of National Exchanges Members of India (ANMI)
• All telecom service providers

?? Beyond the '160' Series: Additional Measures ??

To further tackle the issue of spam calls, the government is also migrating the existing '140' series (currently used for promotional purposes) to a Distributed Ledger Technology (DLT) platform. This migration, along with the implementation of the 'scrubbing of digital consent' process, will allow for better regulation and filtering of unsolicited calls. ???

?? Empowering Citizens with Informed Choices ??

By introducing the new '160' prefix and enhancing spam call regulations, the government is empowering citizens to make informed decisions regarding their finances. Recognising a legitimate call from your bank or investment firm will become much easier, reducing the risk of falling victim to fraudulent activities. ????

?? A Step Towards a Safer Financial Landscape ??

The introduction of the '160' number series is a positive step towards creating a safer communication environment for everyone involved in financial transactions. This initiative, combined with ongoing efforts to combat spam calls, signifies a commitment to protecting the financial well-being of all Indians.

Let's stay informed, stay safe, and embrace this new measure for a secure financial future! ????

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