Banks may seek consent before allowing transfer of funds to your account

Banks may soon seek your consent before allowing a transfer of funds to your account. The Union government has written to the Reserve Bank of India (RBI), seeking its views on a mechanism to enable willing bank customers to have control over deposits of money in their accounts. The move is a follow-up to instances of illicit deposits — after demonetisaton — in bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY). Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money .....

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