Customers of several top banks and financial institutions including State Bank of India (SBI), HDFC Bank (HDFC Bank), Axis Bank and Punjab National Bank may face difficulty in getting OTP (One Time Password) from April 1, 2021. This can have a direct impact on the financial transaction process. In fact, full SMS scrubbing is being implemented from April 1. A report in the Economic Times states that telecom regulator Tri has asked telecommunications companies to reactivate SMS checking filters from April 1. Also, it has been asked to control SMS traffic which does not comply with regulatory standards.
Many of the top banks on TRAI’s default list
However, telemarketers warn that harassing SMS or withdrawing rules to stop harassment could again create major disruptions to services such as finance and e-commerce. According to a report in the Economic Times, the list includes more than 40 business units, according to SMS harassment or harassment rules. The list includes several top banks and financial institutions including State Bank of India (SBI), HDFC Bank, ICCI Bank, Life Insurance Corporation (LIC). There are more than 35 names in the separate list of organizations violating the TRI rules. It includes many SMS aggregators.
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Many banks failed to meet the required criteria
“Many large banks, including State Bank of India, HDFC Bank, Punjab National Bank and Axis Bank, are not meeting the required standards like Content Template ID, PE ID (SMS Sender ID),” TRAI said. Content templates that are registered do not meet the criteria for sending such messages for telecommunications service providers (TSPs) delivery. In a letter sent to telecom companies and all telemarket companies on March 25, TRAI said, “Large units have been given ample opportunity to meet the requirements of the regulator. The benefits of regulatory provisions cannot be denied to consumers.
Find out what is scrubbing
“With this in mind, it has been decided that from April 1, 2021, any message failing to meet the standards of scrubbing will be rejected,” Tri said. Scrubbing refers to the SMS content matched with the sending of commercial SMS to the customer along with the pre-registered templates submitted on behalf of each entity (original entity). If the content does not match the already registered template, telecom companies will block the message.
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On the first day of March 8, 400 million messages were sent
Telecom operators will start scrubbing 23 days after March 8. The first filters were activated on March 8, at which time critical services such as OTP were disrupted. On March 8, the first day of activation, 4 million messages were dropped. Next time, Trike was told to stop scrubbing temporarily. The industry fears that due to strict regulations, commercial SMS traffic may also be diverted to OTT platforms such as WhatsApp. 17 private and public sector banks have not yet implemented the new SMS structure. Apart from this, companies like Flipkart, Bajaj Finance, Indiabulls, Kotak Security are also included in this list.