To curb fraud related to fake bank calls, telecom regulator TRAI has taken a new mandate. Many customers receive calls from people claiming to be bank representatives and asking for OTP or details related to net banking. In this regard, TRAI has instructed all official calls from banks along with other financial institutions to use the 1600-series number range.
Implementation Schedule for Banks and Financial Institutions
- All commercial banks-public sector, private sector, and foreign banks-have to initiate operations with numbers in the 1600 series with effect from January 1, 2026.
- All mutual funds and asset management companies must therefore adopt the same series by February 15, 2026.
- The compliance date for qualified stockbrokers is March 15, 2026.
- Large NBFCs, payments banks, and small finance banks are required to migrate to the series by February 1, 2026, with other NBFCs, co-operative banks, regional rural banks, and small financial institutions following by March 1, 2026.
- Central recordkeeping agencies and pension fund managers have until February 15, 2026, to begin the use of these numbers.
- TRAI also said it is working with IRDAI to set a similar deadline for insurance companies and an announcement will follow soon.
Purpose of the 1600-Series Numbers
TRAI said the 1600-series system would provide the following:
- Building consumer trust
- Reduce spam calls
- Prevent fraud carried out through voice calls
All entities regulated by RBI, SEBI, and PFRDA are required to adhere to these due dates and use the requisite number series for all communications.
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