Key Takeaways

• Stay compliant with RBI’s MNRL mandate using the Perfios MNRL API to prevent fraud and ensure regulatory adherence.
• Access the MNRL database hosted on the Digital Intelligence Platform (DIP) to verify flagged mobile numbers.
• Enter mobile numbers, verify instantly, and identify deactivated or fraudulent numbers linked to customer accounts.
• Report and remove flagged numbers to prevent financial fraud and ensure database cleanliness.

Why This Matters

The Reserve Bank of India (RBI) has introduced a new requirement that all financial institutions must integrate the Mobile Number Revocation List (MNRL), which is hosted on the Digital Intelligence Platform (DIP) by the Department of Telecommunications (DoT). This is not just another regulatory update. It is a crucial step in preventing fraud and ensuring that revoked mobile numbers do not find their way into financial transactions.

Banks, NBFCs, payment aggregators, and other regulated entities have received formal communication from the RBI about this mandate. If you fall into any of these categories, staying compliant is no longer optional. It is essential.

What is MNRL, and Why Should You Care

MNRL is a dynamic database of mobile numbers flagged for various reasons. If a number appears on this list, it should immediately raise concerns. These numbers could have been obtained using fake documents, linked to financial fraud, failed re-verification, or even flagged due to prolonged inactivity. Telecom service providers also disconnect numbers based on fraud analysis, adding another layer of scrutiny.

For financial institutions, this means one thing. Relying on an unverified mobile number could expose you to fraud risks. Verifying numbers before linking them to customer accounts is now a regulatory and security priority.

What Financial Institutions Need to Do

If your institution handles customer accounts linked to mobile numbers, you need to take proactive steps. First, ensure that every registered mobile number goes through thorough verification before it gets updated in your system. If a number is linked to an MNRL flagged account, it is crucial to track it closely to prevent potential misuse. Fraudsters often use such accounts for money mulling and other financial crimes.

It is also time to clean up your database. Outdated or disconnected numbers pose a security risk and can lead to compliance issues. Regularly reviewing and updating your records will help prevent unnecessary exposure to fraudulent activities.

Ignoring Compliance Comes with Consequences

Non-compliance with the RBI’s mandate is not just a small oversight. It comes with serious repercussions. Financial entities that fail to follow these guidelines could face suspension of telecom services, blacklisting, or even legal action. This mandate is about more than just rules. It is about protecting financial transactions and maintaining trust with customers. No institution wants to be caught off guard when the RBI tightens enforcement.

How Perfios MNRL API Simplifies Compliance

Manually checking the MNRL list for every customer is neither practical nor efficient. That is where Perfios MNRL API comes in. It automates the verification process, making compliance effortless. With instant access to the MNRL database, the API helps financial institutions:

• Quickly identify and remove deactivated or flagged mobile numbers
• Clean up customer databases by eliminating outdated or inactive numbers
• Access a detailed history of flagged numbers, including when they were added and if they were later removed
• Ensure compliance with RBI regulations while minimizing fraud risks

Stay Ahead, Stay Secure

The RBI’s MNRL mandate is all about securing financial transactions and reducing fraud risks. Instead of waiting until the deadline approaches, financial institutions should take action now. Implementing a reliable solution like the Perfios MNRL API ensures smooth compliance while protecting your customers and business from fraud.

Regulations are tightening, and digital fraud is evolving. Staying compliant is not just a requirement. It is a necessity. Make the smart move now and keep your institution secure.