The Government of India (GoI) wants to introduce mobile number validation (MNV) platform. This platform is a crucial need in today's India. Customers walking into banks to open accounts don't really need to show any proof of owning the mobile number they are linking to the account. This way, they can actually link a number to an account which doesn't belong to them.
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So the MNV platform here will be of good use for the banks. With this proposed platform, the banks, NBFCs (non-banking finance companies), and fintechs will be able to identify customers registered with the telecom operators. This will be a proof for the companies that the customer providing the mobile number actuall also owns it.
Because digital frauds are rising and the fraudsters have found new ways to scam the banks and the government, this system is the need of the hour. However, the proposed rule has also irked many of the stakeholders. They feel that the proposed platform will hinder the privacy of the customers, which is a very valid concern.
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This platform won't be enough in the long-term. Thus, the government is running several awareness programs targeting rural and regional populations. This way, consumers can safeguard themselves from fruad and also ensure that they can report crimes in time and the correct manner.
