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Informist, Thursday, Aug 8, 2024

--RBI Das: No ready data on mule accounts

--RBI Das: Bks have systems to monitor transaction of suspect accts

MUMBAI - Most banks have systems in place to monitor transactions in suspected and mule accounts, Reserve Bank of India Governor Shaktikanta Das said during the post-policy media interaction.

Das said Indian banks have transaction monitoring system, and as and when required action is taken on such accounts. There is constant engagement between the RBI, the law enforcement agencies, the concerned ministries of government, and the banks.

He said there is no ready data available on mule accounts.

In July, during a meeting with heads of commercial banks, Das told them to ensure better cybersecurity controls, and urged them to increase efforts against 'mule accounts' and digital frauds.

RBI Deputy Governor Swaminathan J. today said the RBI keeps reiterating its advisory regarding the know your customer process, customer on-boarding process, the transaction monitoring process, proactive risk management measures to banks.

"Disabling them is part of a continuous process. We work closely with the law enforcement agencies and the Ministry and the participating banks to ensure that the risks emanating from these are minimised from time to time," Swaminathan J. said.  End

Reported by Richard Fargose

Edited by Akul Nishant Akhoury

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