Mobile number is all about those 10 digits, the combination of those 10 digits which are unique every time you look at someone’s number. Those variations help us to reach people who are far from us but still matter to us. But this mobile number gets so important that we can not use some things and technology without having access to the mobile number. Today we will be talking about the registered mobile number in your bank account or accounts. I will be telling you every aspect of this and how it affects your banking experience.
We have a central bank in India that governs all the banking stuff happening. They are basically the ones who make and enforce the banking rules and regulations. Yes, I am talking about the Reserve Bank of India. (RBI) You might have heard about the KYC from your bank. No matter in which bank you have your bank account it is mandatory to have your bank account KYC done. This is so important that if you are have done your KYC then you will not be allowed to use your account at the fullest. The same rules are applied for your e-wallets as well. Even if you want to use Amazon Pay, PhonePe, PayTM you are supposed to complete the KYC process.
But why is that so important?
And why the companies and banks don’t let us use their services without proper KYC?
The simple one-sentence answer for this question is “They are the Banking Norms” by RBI.
Here you should know that KYC is an acronym for Know Your Customer. And the registered mobile number is an important part of the KYC things in India.
Registered Mobile Number is not the only aspect that we can find in KYC. So let me tell about the others as well. Then I will explain to you how important the registered mobile number is.
What are Different Things Required for KYC?
Before we talk about the various things asked for KYC. Let me tell you the real objective of the banks and companies in doing the KYC.
It is all about how well they know their customers. There is some critical information about the customers what the companies ask. This is just to make sure that the financial system in India is used in the right way. KYC plays a very important in keeping the bad guys out of the banking system.
So which are the things companies and banks ask for KYC?
- Customer Name.
- Customer Address.
- PAN Card.
- Aadhaar Card or Voter ID or Ration Card or Passport.
- Email Address.
- Registered Mobile Number.
What is a Registered Mobile Number?
Registered Mobile Number is the one which you had given to the bank when you were opening the account. Basically this is the mobile number using which the bank can contact you if required.
It might be because of a transaction in your bank account or something might have gone wrong in your bank account. So it is enough for us to understand the real use of the registered mobile number by the bank. It is all about the way to reach the customers by the bank.
Why Your Registered Mobile Number Should Be Up to Date?
Now let me tell you why you should always keep your registered mobile number up to date in the bank records. And what difficulties you will face if you lose access to your registered mobile number.
So far I have told you that this mobile number is a part of the KYC and you have to complete it. Because it is made mandatory by the banks.
But let me tell you one more thing and that is. If you lose access to your registered mobile number somehow. Then you will also lose access to your bank account.
But how is that possible?
Can just a mobile number take away your access to the bank account?
Yes, this is possible. That is because the bank will be using your mobile number to send you the OTP whenever you initiate a transaction.
Even if you want to make any changes to your profile or if you are logging in into your internet banking account from an unusual location. Then the bank will make use of the two-factor authentication. (OTP)
And if you don’t provide the OTP you will not be allowed to access your banking services.
This is just one thing that can happen with you if you don’t keep your registered mobile number up to date. Let me add one more thing to this article.
You will not receive the important SMS alerts from the bank if your registered mobile number is not up to date. And believe me, these notifications are very important to keep your bank account secure.
Because let us assume that my debit card has been used without my authorization. Then what the bank will do is they will send me an SMS telling me that my debit card has been used.
In such a case I will immediately block the card to avoid further misuse of my debit card. No matter what kind of transaction is taking place in your bank account.
It might be a credit transition or a debit transaction happening through ATM machine, Branch, Internet Banking, Mobile Banking, and UPI. The system of the bank will send you an SMS alert instantly.
These are the two major reasons why your registered mobile number should be kept up to date. So what are you waiting for? If your mobile number is not up to date then contact the bank and get it updated. And if your number is updated then well and good.