India’s central bank is set to change guidelines to enable banks to temporarily freeze accounts suspected of involvement in cyber crimes. This move comes as the country grapples with a surge in online fraud, with individuals reportedly losing nearly $1.26 billion to cyber fraud since 2021. To combat this, the Reserve Bank of India (RBI) aims to empower banks to suspend such accounts without the need for victims to file police complaints first. The regulator will update its guidelines based on information from the Indian Cybercrime Coordination Centre, targeting accounts frequently misused for fund transfers related to cyber crime.
India’s Central Bank Plans to Allow Temporary Freezing of Suspected Cyber Fraud Accounts
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