Warnings have been issued for big banks like HDFC Bank, SBI, ICICI. The TRAI on Friday released a list of 40 “defaulting” major entities, including large banks such as HDFC Bank, SBI, and ICICI Bank, which despite repeated reminders are not meeting the applicable rules regarding bulk SMS.

Reinforcing its stand on the issue, the Telecom Regulatory Authority of India (TRAI) warned that the defaulters should comply with the requirements set by 31 March to avoid any disruption in communication with customers. TRAI said the scrubbing process would be rejected if it did not comply with regulatory requirements.

TRAI’s criteria for commercial SMS based on blockchain technology is to prevent unwanted and fraudulent messages. Major banks like State Bank of India, HDFC Bank, Punjab National Bank, Axis Bank etc. are not sending mandatory parameters like Content Template ID, PE ID etc.

In addition, the Securities and Exchange Board of India (SEBI) on Tuesday also asked all entities, including market infrastructure institutions, to send bulk SMS (short message service) to customers to ensure strict compliance with Telecom Regulatory TRAI regulations. did. TRAI’s move is aimed at curbing the problem of unsolicited and misleading commercial messages. Referring to the Telecom Commercial Communications Customer Preferential Regulations, 2018, in a release by the Telecom Regulatory Authority of India (TRAI), Sebi said that non-compliance with the provisions may impede transmission of messages to investors.

The market regulator said, “Effective implementation of this new rules will help protect the interests of investors and the general public from unwanted and misleading messages.” Unwanted messages are being sent in large numbers. Through this, investors and common people are motivated to invest in some listed companies or buy their shares. The regulator said that such misleading messages not only harm the interests of investors but also adversely affect the securities market. The telecom regulator has notified the regulation in July 2018 with an aim to curb unwanted messages. Under the new regulation, companies who want to send bulk SMS have to register with telecom service providers.

News Source: TheHindu