KYC Updation Fraud: The Reserve Bank of India (RBI) has cautioned individuals about KYC updation frauds which has been ongoing lately. An individual is required to periodically update their KYC with their banks as per specified timelines. However cybercriminals are targeting gullible individuals in the name of KYC updation and hence if an individual is not cautious it can lead to financial loss.
Reserve Bank of India has enabled payments through National Automated Clearing House (NACH) in the Retail Direct Website. Now an investor can place bids for various government bonds, treasury bills, state development loans and sovereign gold bonds (SGBs) using NACH facility on RBI Retail Direct Website. Read below to know how does it work.