Top Banks OTP Not Coming? If banks fail to comply by today i.e March 31, customers will face the OTP-related issue from April 1 onward.
To make a payment or any bank-related operations, banks send One Time Password (OTP) to the registered mobile number or email id or on both.
NEW DELHI: Top Banks customers, including SBI, HDFC, and ICICI, must take note that you may face OTP issues from April 1 as your banks failed to comply with regulations issued by the Telecom Regulatory Authority of India (TRAI). The OTP issue is also challenging as banks will be closed for public transactions till April 4. These days the OTP verification has become essential to make payments and carry out any function. This issue pertaining to OTP, therefore, is likely to cause many inconveniences to customers in general.
Bank OTP Not Coming? Here Is Why
- To make a payment or any bank-related operations, banks send One Time Password (OTP) to the registered mobile number or email id or on both. Customers need to enter the exact details in order to proceed further.
- However, TRAI started getting complaints regarding excessive and unwanted messages being sent to customer’s numbers.
- Subsequently, TRAI took cognisance of the issue and issued Telecom Commercial Communications Customer Preference Regulations, 2018 (“TCCCPR, 2018”) on July 19, 2018, to curb the menace of Unsolicited Commercial Communications (UCC).
- Since then, TRAI started communicating with the Principal Entities or senders of these messages through Telecom Service Providers (TSP) to fulfill the regulatory requirements.
- Telecom Service Providers have made repeated communications to principal entities including major banks and telemarketers sending bulk SMSs who have failed to fulfill regulatory requirements and requested them to comply with the provisions of the regulations, TRAI stated.
- TRAI then learned that Principal Entities including major banks like State Bank of India, HDFC Bank, Punjab National Bank, Axis bank, etc. were not adhering to mandatory norms.
- TRAI has directed Principal Entities including banks, telemarketers to fulfill the regulatory requirements before March 31, 2021, to avoid any disruption in the communication with the customers from April 1, 2021.
- If banks fail to comply by today, customers will face the OTP-related issue from April 1 onward.
Several Top Banks are SBI ICICI HDFC and in the list of Defaulter Principal Entities issued by TRAI and customers of these banks will face OTP-related issues. These banks are
Which Banks are on the List?
- Axis Bank
- Bandhan Bank
- Bank of Baroda
- Bank of India
- CANARA Bank
- Central Bank of India
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank Limited
- Indian Overseas Bank
- Kotak Mahindra Bank
- Punjab National Bank (PNB)
- RBL Bank
- State Bank of India
- SBI cards and payment services
- Union Bank of India
- Yes Bank