New Delhi: After a spurt in cases, reserve Bank of India planning to establish afraud registryTo create a database of websites, phone numbers, email IDs and IP addresses used in digital fraud To protect the interests of consumers, while ensuring that only a small proportion of the complaints it receives are “related to”mis-selling of products,

RBI ED Anil Kumar Sharma told reporters on Monday that the database would help in tracking fraudsters. “There is no fixed time frame for setting up the fraud registry. At present, we are talking to various stakeholders, including various departments like payments and settlements and supervision of RBI,” he said. The participants of the payment system will be provided with near real-time access to this registry fraud monitoring, Composite fraud data will be published to educate customers about the emerging risks.

Sharma claimed that the RBI ombudsman had received around 4.2 lakh complaints in the last financial year and about 98% were settled. However, a large number of cases were dismissed for various reasons, such as duplicate complaints (33%), sub-judice (4%) or not within the purview of RBI (3%). Asked about mis-selling, RBI officials said they were a minor proportion and suggested that consumers need to read the fine print on products such as insurance, which are used by banks to raise “non-core revenue”. Sold as part of efforts.