Allow me to lock My Bank Account

              The recent unauthorized to 32 lacs Bank Accounts in India has brought into focus the need for innovative tools to safeguard Banks Accounts.

              There should be an easy, secure, free facility to lock/unlock ATM/POS/Net Banking transactions in one’s Bank Account.

              Such a facility will enable Bank customers to lock their Bank Accounts, to avoid unauthorised access.

              This facility will also boost the average balances in Bank Accounts.

              Some Banks in India allow their customers to Lock/Unlock their ATM Cards, Internet Banking or POS Transactions.

              Examples of few such features can be read at the following URLs.

              IDBI Bank - Abhay @ http://www.idbi.com/abhay.asp

              SBI Quick @ https://play.google.com/store/apps/details?id=com.sbi.sbiquick&hl=en

              Karur Vysya Bank Lock Net Banking Account @ http://www.kvb.co.in/corporate/ways_to_bank_internet_banking.html

              ICICI Bank iMobile APP @ https://www.icicibank.com/mobile-banking/imobile/complete-list-of-services.page?#toptitle

              The objective of this is to request

01)   Shri Arun Jaitley, Finance Minister

02)   Indian Bank Associations

03)   Ministry of Finance

To advise all Banks in India to activate the following features: -

A)      Lock/Unlock Bank Account for only ATM Transactions.

B)      Lock/Unlock Bank Account for only POS Transactions.

C)      Lock/Unlock Bank Account for only Mobile Banking Transactions.

D)     Lock/Unlock Bank Account for only Net Banking Transactions.

E)      Set up limits for ATM/POS/Mobile Banking/Net Banking Transactions.

 

The above features should be made accessible through:-

01)   USSD Banking

F)       SMS Banking, preferably through Offline APPS

G)     Call Centre

H)     ATMs

I)        Missed Call Banking

NPCI has allotted short codes for each banking under *99# Banking facility. The same short codes can be utilised to introduce additional security features.

The Short Codes should be widely disseminated across various media channels and sub-pages in Reserve Bank of India, Indian Banks Association, National Payments Corporation of India sites be created.

       Technology is available in India to safeguard Bank Accounts from unauthorized access. A bit of push from Regulators will be beneficial.