The country is under a 21-day lockdown in order to tackle the situation of Coronavirus pandemic. To give relief to the people from unnecessary burdens in this fight, the Reserve Bank of India (RBI) has announced a temporary relief in EMI of all types of payments, loans and credit card bills for three months starting from 31 March to 31 May. Over the past few days, Axis Bank, State Bank of India (SBI) and other banks have sent out SMSs and e-mails to their customers informing them about new modus operandi

According to the newly launched scheme, customers are required to talk to their bank representative. But now, the chances of scam have also increased and chances are customers may lose their savings. Hence several banks warned the customers and informed them about this new way of cheating, that the fraudsters and cyber criminals can resort to EMI relief schemes to get banking information of people. The banks are strongly advising the customers not to share sensitive information like OTP and PIN to anyone.

Axis Bank sent an email to its customers stating that referrerment of the postponed EMI payment along with the warning that fraudsters have adopted a new method of cheating to get banking information. The bank said that these thugs can ask for your OTP, CVV, password and PIN etc. Be cautious with them, if you share this information, then you may fall into a serious trap.

emi fraud

On April 5, State Bank of India tweeted that cyber criminals and thugs are cheating people in a new way. Be alert and aware about this. The bank said that in this method, customers get a call and they are asked to tell the OTP to postpone EMI payments. As soon as you tell OTP, money is withdrawn from your account. Earlier, State Bank of India also alerted the customers about the fraud that can be done by resorting to contribution to the PM-Cares fund.

The giant private sector HDFC Bank also informed that that fraudsters are misusing the three-month advance reimbursement ban to to execute their plans, and requested that everyone be additional mindful. Take the necessary steps as said by the banks, be careful, stay safe and be updated with the latest happening around the world with us.


Please enter your comment!
Please enter your name here