What do you do if your bank’s ATM card lost/stolen? you’ll visit nearest branch office or you call that Bank’s customer care and inform them same to block it from using it. How it would be if we can block stolen ATM card though a SMS is it possible? yes, but not now soon. Reserve Bank of India (RBI) taking  several security measures and this feature is currently under observation.

Apart from that below recommendations from Committee on Customer Service in Banks constituted under Chairmanship of former SEBI chairmen M.Damodaran are also under RBI’s observation.

  • All banks should have a common toll free number
  • Raising the Insurance on bank deposits up to Rs. 5 lakh
  • Zero liability against loss in ATM and online transaction.

According to Hindu

In its report, the Damodaran committee proposed “instant blocking of ATM card through SMS-block for lost/misused cards.” It is expected to help people who currently are required to call up the bank in case of card loss.

“If an ATM card has been misused by another person, on receipt of SMS about use of the card, the customer should be able to immediately send return SMS to block the card with a single word like ‘BLOCK’ to prevent further withdrawals.

“…It is observed that considerable time is lost in locating the numbers of accounts, phone numbers etc., which gives the fraudsters more time to commit fraud,” the report said.